The term Lehman Wave refers to an economy-wide fluctuation in production and economic activity, with a wavelength of between 12 and 18 months, driven by a sudden major disruption of the economic system. The Lehman Wave is a damped, wave-like fluctuation around equilibrium. The amplitude of the Lehman Wave is larger for a business that is further away from its end market than for a business that is closer to its end market, which difference is caused by cumulative de-stocking of the intermediate supply chain. This term Lehman Wave has first been used by Dutch researchers in 2009 who gave that name to the economic wave that started in September 2008. They argue that the latter was caused by global de-stocking after the financial panic following the bankruptcy of Lehman Brothers on September