A Fair and Balanced Economist Member of the Reality Based Community _______________________________________________ Berkeley Department of Economics | Berkeley International and Area Studies | Berkeley Economics Department Seminars | National Bureau of Economic Research | Federal Reserve Bank of San Francisco | (Formerly) U.S. Department of the Treasury This Weblog | Economics-Only Version of This Weblog | Brad DeLong's Home Page | Ancient and Hermetic Order of the Shrill | Site to Support Current Teaching | Egregious Moderation: My Rotisserie-League Weekly Political Magazine | About Brad DeLong | Brad DeLong's Academic C.V. | Brad DeLong on Video | Email Brad DeLong | Subscribe to this weblog's RSS feed | Support this weblog A Note on Comment Policy: Trolling comments get deleted, usually--I don't have time to moderate this properly, but I am trying to keep it a discussion rather than a foodfight. Comments on the comment policy are welcome here.

Visit Grasping Reality with Both Hands: Brad DeLong's Semi-Daily Journal

Uh-Oh! Now It Does Look a Lot Like a Recession...

Posted on June 07, 2008

How deep a recession remains an open question... Jim Hamilton has some interesting thoughts on business-cycle asymmetry: Econbrowser: Is this a recession and do we care?: [T]here are a number of economic models quite popular among academics today that... presuppose linear dynamic systems in which a recession is indeed just an arbitrary definition you would make up to characterize a string of bad luck.... I argued [instead] that recessions represent distinct and objectively identifiable episodes in which the usual dynamic factors that drive economic growth--technological progress, population...

Original article link


economic models , output