Given the need to address inequality in South America also during periods of decline, we study how the economic cycle affects it during crises. Based on the related literature, the hypothesis is that in periods of decline, the business cycle increases inequality, albeit marginally. The results invite us to partially reject the hypothesis. In times of crisis, the business cycle is positively albeit marginally related to inequality. Short-term variables, such as the economic cycle, would have less weight in the behavior of inequality, acting positively or negatively depending on the context.