The committee had waited to make the determination of the trough date until it was confident that any future downturn in the economy would be considered a new recession and not a continuation of the recession that began in July 1990.
Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
Because a recession influences the economy broadly and is not confined to one sector, the committee emphasizes economy-wide measures of economic activity.
In determining the chronology of the euro area business cycle, the CEPR Committee adopted a definition of a recession similar to that used by the National Bureau of Economic Research (NBER), which has for many years dated the US business cycle.
The Committee had to adapt the NBER definition, however, to reflect specific features of the euro area.
The 26th annual ISo M met in Barcelona, Spain, June 13-14, 2003, hosted by Jordi Gali at the Centre de Recerca en Economia Internacional, of the Universitat Pompeu Fabra.
The program was organized by Zvi Eckstein and Ken West.Selected papers were published in the The 25th annual ISo M met in Frankfurt, Germany, June 14-15, 2002, hosted by Otmar Issing and Frank Smets, the European Central Bank.The program was organized by Jim Stock and Lars Svensson.The eight-month period between July 1990 and March 1991 is a recession in the NBER's chronology.The committee thus determined that the recession ended in March 1991 and that an expansion began at that time.Teacher and parent referrals would be acknowledge by comprehensive screening programs being introduced into school districts today.