Recession (economics): Difference between revisions
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In economics usage, the term '''recession''' is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of [[gross domestic product]]. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research | In economics usage, the term '''recession''' is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of [[gross domestic product]]. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research | ||
<ref>[http://faq.bea.gov/cgi-bin/bea.cfg/php/enduser/std_adp.php?p_faqid=485&p_created=1206966790&p_sid=-OCpNEgj&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD0zODMsMzgzJnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1 ''Recession: how is that defined?'', Bureau of Economics, US Department of Commerce]</ref>. | <ref>[http://faq.bea.gov/cgi-bin/bea.cfg/php/enduser/std_adp.php?p_faqid=485&p_created=1206966790&p_sid=-OCpNEgj&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD0zODMsMzgzJnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1 ''Recession: how is that defined?'', Bureau of Economics, US Department of Commerce]</ref>. The term "depression" is normally reserved reference to an exceptionally prolonged and severe recession. | ||
==The nature of recessions== | ==The nature of recessions== | ||
==Some major recessions== | |||
===The nineteenth century=== | |||
===The twentieth century=== | |||
===The twentyfirst century=== | |||
==References== | ==References== | ||
Revision as of 06:16, 25 October 2008
Definition
In economics usage, the term recession is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of gross domestic product. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research [1]. The term "depression" is normally reserved reference to an exceptionally prolonged and severe recession.