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1 de mar. de 2023 · Business cycle: The fluctuating levels of economic activity in an economy over a period of time measured from the beginning of one recession to the beginning of the next. Contraction: A period when real GDP declines; a period of economic decline.
19 de dic. de 2023 · Economic expansion is characterized by growth and contraction, including recession, a decline in economic activity that can last several months. Four stages characterize the economic cycle or...
The NBER's definition emphasizes that a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few months. In our interpretation of this definition, we treat the three criteria—depth, diffusion, and duration—as somewhat interchangeable.
25 de feb. de 2024 · An economic recovery is a business cycle stage following a recession that is characterized by a sustained period of improving business activity.
Recessions are generally short, lasting on average a year, whereas expansions are much longer, averaging about five years. The 1990s experienced the longest U.S. expansion (ten years) in the past 150 years, while the 2007–9 recession was the longest in the past 50 years.
12 de dic. de 2022 · Neoclassical economic thinkers developed the idea of business cycles, alternating peaks and troughs of economic expansion and contraction. Recessions, they argued, start at the peak of the cycle, and end at the bottom of the trough, when the next period of expansion begins.
During a recession, real GDP falls below its potential and the unemployment rate is higher than the NRU. The actual unemployment rate is different than the natural rate of unemployment, at different points along the business cycle, because cyclical unemployment changes along the business cycle.
