Circular cascades consist of a system of levels of which one only can be excited at a time, and the flow of this excitation is constrained to (predominantly) go in one direction, eventually coming back to where they started (whence the circularity). As a result, peculiar correlations develop in the system.
The $N=2$ case represents the two-level system which is the paradigm of single-photon emission. In this case, there is no oscillatory dynamics but only a return to equilibrium.
The $N=3$ case was first analyzed by J. Premanand.[1] See also Refs. [2][3][4][5]
The general case $N$ was studied by ourselves as a mechanism to produce perfect-single photon sources.[6][7] It must be off-equilibrium so as to ensure strong-enough imbalance that trigger the oscillations.[8]