Dating procedure recession
The quarters P 1 to T (with P 1 and T included) constitute a recession, a period when economic activity is contracting. How long does the Committee expect the recession to last? Does the Committee follow the NBER Business Cycle Dating Committee in its deliberations?While the CEPR Euro Area Business Cycle Dating Committee has been conceived to operate in a manner similar to the NBER Business Cycle Dating Committee, its deliberations and timing of announcements are independent.Previously, it did so only after meetings that did date a turnaround.The rationale for this change is that the Committee feels that the decision not to date is as informative as a decision to date.
For instance, 2011Q3 is a peak in the Euro-area as a whole, but not for Germany.For instance, 2011Q3 is a peak in the Euro-area as a whole, but not for Germany. A: The Committee meets when it feels that data developments warrant examining whether there has been a turnaround in economic activity.A detailed analysis of heterogeneity in individual countries' business cycles is included in the Committee's releases since its creation. Since October 2013, the Committee releases its findings – whether or not it has decided to date a trough or a peak. See Methodology Does CEPR use a different approach to NBER?See The CEPR and NBER Approaches What data does the Committee use?