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Economic dating committee

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Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.Because a recession influences the economy broadly and is not confined to one sector, the committee emphasizes economy-wide measures of economic activity.Despite boasts during the boom years of the late 1990s about taming business cycle downturns, the U. economy slumped into a recession that lasted from March 2001 until November 2001.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.The program was organized by Richard Clarida and Francesco Giavazzi.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.

Recessions start at the peak of a business cycle and end at the trough, ie, a period when economic activity is contracting, and an expansion is the period between a trough and a peak when the economy is expanding.

Note that the Committee identifies the month when the trough occurred, without taking a stand on the date in the month.

In both recessions and expansions, brief reversals in economic activity may occur and the Committee 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 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.