Business cycle dating committee national bureau economic research
This recession ended a ten-year period of expansion in the national economy, the longest expansion in U. history according to the National Bureau of Economic Research (NBER). A private, nonprofit, nonpartisan research organization founded in 1920, the NBER is dedicated to understanding how the economy works.Official business cycle dates—the peaks and troughs in the economy that define recessions and expansions—in the U. Today it has over 600 university professors and researchers who conduct empirical research on the economy as Bureau associates.
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.The program was organized by Zvi Eckstein and Ken West.Selected papers were published in the The 25th annual ISo M met in Frankfurt, Germany, June 14-15, 2002, hosted by Otmar Issing and Frank Smets, the European Central Bank.Business Cycles Within the NBER, the Business Cycle Dating Committee plays the key role in determining business cycle dates.The committee is comprised of a small group of leading business cycle experts. business cycles dating back to the mid-1800s is available on the NBER web site.Between trough and peak, the economy is in an expansion.
Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
In general usage, the word recession connotes a marked slippage in economic activity.
While gross domestic product (GDP) is the broadest measure of economic activity, the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation. The NBER recession is a monthly concept that takes account of a number of monthly indicators—such as employment, personal income, and industrial production—as well as quarterly GDP growth.
One issue that the new screening tests would fix compared to the older referrals is that non-English speaking students are overlooked because of a lack of parental referrals due to language barriers.
When these tests were implemented on a small scale the statistics showed an increase in Hispanic students by 130 percent, and the number of black students increased by 80 percent.
This group reviews a variety of economic statistics and indicators of U. economic conditions before deciding on the turning points in the economy—business cycle peaks and troughs—that define periods of recessions and expansions. Official Recessions and Expansions The NBER web site describes a recession and the types of economy-wide economic data used to identify a recession in the U. economy as follows: A recession is a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail trade.