Selected papers were published in the The 24th annual International Seminar on Macroeconomics, organized by Jeffrey Frankel and Francesco Giavazzi, was held in Dublin, Ireland, June 8-9, 2001, hosted by Vincent Hogan, University College, Dublin.
BOSTON, December 31 -- NBER's Committee on Business Cycle Dating met on December 29 to review data on the recent performance of the U. The Committee deferred identifying a peak in the current U. business cycle until additional data confirm current impressions that such a peak may have occurred during the summer of 1979.
Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Gordon -- NBER Research Associate and Professor, Northwestern University James Poterba -- President of NBER and Professor, M. In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.The Committee applies its judgment based on the above definitions of recessions and expansions and 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.The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007.The basis for this decision was the length and strength of the recovery to date.