The Business Cycle Dating Committee of the National Bureau of Economic Research provides a historical chronology of business cycle turning points.
We investigate three central aspects of this chronology.
The program was organized by Richard Clarida and Francesco Giavazzi.
The 26th annual ISo M met in Barcelona, Spain, June 13-14, 2003, hosted by Jordi Gali at the Centre de Recerca en Economia Internacional, of the Universitat Pompeu Fabra.
A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough.
Between trough and peak, the economy is in an expansion.
The program was organized by Jim Stock and Lars Svensson.
In both recessions and expansions, brief reversals in economic activity may occur and the Committee has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.
Periods of recession are identified by a bar with a maximum value of “.01” and periods in which the economy was not in recession are denoted with a “0” value.
Values are based on a translation of business cycle begin and end dates as defined by the National Bureau of Economic Research’s Business Cycle Dating Committee.
See Methodology Does CEPR use a different approach to NBER?
See The CEPR and NBER Approaches What data does the Committee use?