It works with the economy more often than just the stock market that can be manipulated with the Fed's QE at any given time giving the markets a boost whenever they wish. Much like the last 3 times. But it's not enough to turn the overall economy up. So businesses and employment suffer badly during these times from years ending in the 0 to 3 time frame. After going through three of these periods self employed I finally believed the study, even if it can't be verified by any cycle I've come across.