Chapters in double your dating
How does that relate to the NBER's recession dating procedure?
A: Most of the recessions identified by our procedures do consist of two or more quarters of declining real GDP, but not all of them.
For example, in the recovery beginning in March 1991, the unemployment rate continued to rise for 15 months after the trough. In the current recovery, the lag was only 4 months, from the trough in activity in June 2009 to the highest level of the unemployment rate in October 2009.Q: Isn't a recession a period of diminished economic activity?A: It's more accurate to say that a recession–the way we use the word–is a period of diminishing activity rather than diminished activity.The committee places real Gross Domestic Income on an equal footing with real GDP; real GDI declined for six consecutive quarters in the recent recession.
Q: Why doesn't the committee accept the two-quarter definition?In 2001, for example, the recession did not include two consecutive quarters of decline in real GDP.