, Iceland, June 18-19, 2004, hosted by Thorvaldur Gylfason at the University of Iceland, Faculty of Economics and Business Administration.The program was organized by Richard Clarida and Francesco Giavazzi.Previously the longest postwar recessions were those of 1973--82, both of which lasted 16 months.
The committee concluded that the start of the recession was December 2007 -- due in large part, it said in a statement, to the decline in jobs that began that month.
Specifically, the Committee identifies a month when the economy reached a peak of activity and a later month when the economy reached a trough.
Recessions start at the peak of a business cycle and end at the trough, ie, a period when economic activity is contracting, and an expansion is the period between a trough and a peak when the economy is expanding.
Periods of recession are identified by a bar with a maximum value of “.01” and periods in which the economy was not in recession are denoted with a “0” value.
Values are based on a translation of business cycle begin and end dates as defined by the National Bureau of Economic Research’s Business Cycle Dating Committee.