Business cycle dating committee national bureau economic research

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Beckworth argues that the Fed failed to respond adequately to the drop in nominal GDP by keeping interest rates too high for too long.

business cycle dating committee national bureau economic research-36

The rapid development of aquaculture in China has not only contributed to improved food supply, but has also generated employment and income to the Chinese people.Or did the Federal Reserve turn a garden-variety recession into the Great Recession?David Beckworth of Western Kentucky University talks with Econ Talk host Russ Roberts about the Fed's response to the recession that began in December of 2007 and worsened in 2008.During this period, the average business cycle lasted about five years; the average expansion had a duration of a little over four years, while the average recession lasted just under one year.The chart shows the periods of expansion and recession for the Composite Coincident Indicator Index from 1959 to 2002.

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