See our Note on alternative filtering methods and their application in sharp downturns.
The Table below shows the business cycles we have identified for our initial analysis.
Although there were many attempts to identify cycles by national statistical agencies and central banks, the first coordinated efforts were undertaken by the Center For Economic Policy Research (CEPR).
The CEPR Business Cycle Dating Committee was created in 2002 with the objective of identifying business cycle turning points for the Euro area.
He referred to the “scarcity of money” caused by “over-trading.” Early economists in continental Europe referred to an economic downturn as a “commercial crisis,” and in England, a sudden reduction of market confidence and economic activity came to be known as a “panic.” The formal notion of a recession began to take form in the 1930s following the outset of the Great Depression, as economists struggled to determine how economic activity in the U. and around the world had suddenly come to a halt following a period of exuberant economic activity in the 1920s.
Europe has not had the same tradition and it is only with the development of the European Community and the Eurozone that common comparable economic statistics have made the task easier.This rule of thumb was first proposed in 1974 by the Commissioner of the U. Bureau of Labor Statistics, Julius Shiskin, in an article in the New York Times.The NBER admits that most recessions it identifies consist of two or more quarters of contracting GDP but are not necessarily limited to that definition.is a professor of Economics at the London Business School.She is non-executive director of Uni Credit Banking Group and AGEAS Insurance Group.He has published more than 45 papers in refereed academic journals, including in the He is currently an associate editor of the Journal of Finance, a co-editor of the International review of Finance, and he serves as an associate editor for a number of other journals.