On September 20, the NBER’s Business Cycle Dating Committee announced that the end of the Great Recession occurred in June 2009 (announcement here). This lag of about three months is reasonably fast as NBER announcements go – the goal is to be right not fast. The Great Recession began in December 2007 and so lasted 18 months, making it the longest in the post-war period. Why does the NBER get to date business cycles? Because they did it first. Burns, Mitchell, and Kuznets developed the methods to measure macroeconomic performance, measured macroeconomic performance, and defined business cycles. How does the NBER dates cycles? Read FAQs here and the procedure here. A complete list of cycles is here. Of note, the Great Depression was really two recession and a lot of sluggish growth.
- RT @ricemba: #JGSB’s @yaelhochberg named 2015 Best 40 Under 40 Business School Prof by @PoetsAndQuants bit.ly/1K2wXld http://t.co/Y… 4 days ago
- My 15 min of fame have arrived! bit.ly/1yKnD44 Thanks to my former students at @KelloggSchool @CornellMBA for for the nomination! 5 days ago
- AIG amusing diversions bailout bank regulation Bernanke CDS derivatives Dodd-Frank Act Euro Debt Crisis FDIC Fed Finance & the Public Interest financial crisis Financial Crisis Inquiry Commission financial reform Goldman Sachs GSEs Lehman Brothers MBS mortgages pensions public finance recession regulation SEC securitization TARP too big to fail Treasury Uncategorized