Nber business cycle dating committee members
Recessions generally occur when there is a widespread drop in spending (an adverse demand shock).
This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble.
Graph of real GDP in Italy, 2007 (Q1) – 2014 (Q2) What is the difference in criteria?
Economists in general define a recession as a period of declining economic activity.
One is unimpressive, but not strongly at odds with a recovery.
In the United States, the arbiter of when recessions begin and end is the NBER Business Cycle Dating Committee.
The NBER defines an economic recession as: "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise dating of a recession's onset and end.
In the United Kingdom, recessions are generally defined as two consecutive quarters of negative economic growth, as measured by the seasonal adjusted quarter-on-quarter figures for real GDP.
Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise.
In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters.