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Business cycle dating committee of the national bureau of economic

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During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year.Similarly, during an expansion, economic activity rises substantially, spreads across the economy, and usually lasts for several years. Poterba is also the Mitsui Professor of Economics at the Massachusetts Institute of Technology, and a Fellow of the American Academy of Arts and Sciences and the Econometric Society.

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See our Privacy Policy and Third Party Partners to learn more about the use of data and your rights. Specifically, the Committee identifies a month when the economy reached a peak of activity and a later month when the economy reached a trough.Recessions start at the peak of a business cycle and end at the trough, ie, a period when economic activity is contracting, and an expansion is the period between a trough and a peak when the economy is expanding.And committee member Robert Gordon was quite adamant in arguing that the committee had enough information to make a call and to name June of 2009 the trough.We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.Below is a list of the research programs currently supported by NBER: More complete descriptions of these programs can be accessed here, on the NBER website.

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The Committee also does not utilize a fixed definition of economic activity; rather, it examines and compares the behavior of various measures of broad activity and may also consider indicators that do not cover the entire economy, such as real sales and the Federal Reserve's index of industrial production.

The Committee acknowledges that use of these indicators in conjunction with the broad measures recognizes the issue of double-counting of sectors included in both those indicators and the broad measures.

See the box below for a view of Recession Bars in Data-Planet Statistical Ready Reference.