Business cycle dating committee nber

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In fact, most prefer a smooth ride with very few dips in the track. As periods of economic stagnation are painful for the many who lose their jobs, there is often political pressure for governments to mitigate recessions.

Moreover, European statistics are of uneven quality, long time series are not available, and data definitions differ across countries and sources. The quarters P+1 to T with P+1 and T included constitute a recession, a period when economic activity is contracting.

The Business Cycle - The Economic Lowdown Podcast Series, Episode 18 - The dummy variable adopts an arbitrary convention that the turning point occurred at a specific date within the period. With all statistics it takes some time to compile the data, which means they are only available after the events they describe.