Why doesn’t the Committee accept the two-quarter definition?
The Committee’s procedure for identifying turning points differs from the two-quarter rule in a number of ways.
Quarters of recession are indicated in grey, and quarters of expansion in white in the figure below.
More information about this methodological change is available here.
A companion paper written by Binnur Balkan for this Committee (available here) explores the impact this new method would have had on the past findings of this Committee.
the peak is not included in the recession shading, but the trough is).
The causes of the recession largely originated in the United States, particularly related to the real-estate market, though choices made by other nations contributed as well. The Great Recession was related to the financial crisis of 2007–08 and U. The recession was not felt evenly around the world. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports.
and the academic sense used most often in economics, which is defined operationally, referring specifically to the contraction phase of a business cycle, with two or more consecutive quarters of GDP contraction. In his separate dissent to the majority and minority opinions of the FCIC, Commissioner Peter J.