Business cycle dating committee of the national bureau of economic
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.
Scholars that belong to NBER working groups usually convene once per year to share research findings and draft publications, known as working papers.
The National Bureau of Economic Research (NBER) is a think tank that supports, publishes, and distributes scholarly research on economics and economic policy.
More than 1,400 professors and scholars work on NBER research projects.
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.