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Business Cycles

Definitional Issues


The National Bureau of Economic Research (NBER), a nongovernmental organization, decides on the beginning and ending dates of recessions.  A useful guide is a recession is defined to be at least two consecutive quarters of decline in real GDP, but the actual dating is subject to judgment by the committee.

NBER Business Cycle Dating Committee

[link to old NBER data]

Taxonomy of Actual Business Cycles

Inventory Cycles

Technology Shocks

Monetary Shocks


Business Cycles, Christina D. Romer, Concise Encyclopedia of Economics.

Recessions, Geoffrey H. Moore, Concise Encyclopedia of Economics.

What are business cycles and how do they affect the economy? (05/2002),  Federal Reserve Bank of San Francisco.

Comments?  Questions?  macro-at-econmodel-dot-com  Copyright 2006 William R. Parke