Wednesday, January 30, 2008
Tweet[IWS] CRS: WHAT IS A RECESSION, WHO DECIDES WHEN IT STARTS, AND WHEN DO THEY DECIDE IT? [23 January 2008]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Order Code RS22793
What is a Recession, Who Decides When It Starts, and When Do They Decide?
January 23, 2008
Brian W. Cashell, Specialist in Macroeconomic Policy, Government and Finance Division
http://assets.opencrs.com/rpts/RS22793_20080123.pdf
[full-text, 4 pages]
Summary
A recession is one of several discrete phases in the overall business cycle. The term
may often be used loosely to describe an economy that is slowing down or characterized
by weakness in at least one major sector like the housing market. When used by
economists, "recession" means a significant decline in overall economic activity that
lasts more than a few months. The National Bureau of Economic Research (NBER)
business cycle dating committee is the generally recognized arbiter of the dates of the
beginnings and ends of recessions. As with all statistics, it takes some time to compile
the data, which means they are only available after the events they describe. Moreover,
because it takes time to discern changes in trends given the usual month-to-month
volatility in economic indicators, and because the data are subject to revision, it takes
some time before the dating committee can agree that a recession began at a certain date.
It can be a year or more after the fact that the dating committee announces the date of
the beginning of a recession.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Order Code RS22793
What is a Recession, Who Decides When It Starts, and When Do They Decide?
January 23, 2008
Brian W. Cashell, Specialist in Macroeconomic Policy, Government and Finance Division
http://assets.opencrs.com/rpts/RS22793_20080123.pdf
[full-text, 4 pages]
Summary
A recession is one of several discrete phases in the overall business cycle. The term
may often be used loosely to describe an economy that is slowing down or characterized
by weakness in at least one major sector like the housing market. When used by
economists, "recession" means a significant decline in overall economic activity that
lasts more than a few months. The National Bureau of Economic Research (NBER)
business cycle dating committee is the generally recognized arbiter of the dates of the
beginnings and ends of recessions. As with all statistics, it takes some time to compile
the data, which means they are only available after the events they describe. Moreover,
because it takes time to discern changes in trends given the usual month-to-month
volatility in economic indicators, and because the data are subject to revision, it takes
some time before the dating committee can agree that a recession began at a certain date.
It can be a year or more after the fact that the dating committee announces the date of
the beginning of a recession.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 10:55 AM
