4 ms·
My undergrad econ class used Mankiw's Macroeconomics, which did not use the two quarters definition, just "a period of declining real incomes and rising unemplo
by _23sd 4y ago
My undergrad econ class used Mankiw's Macroeconomics, which did not use the two quarters definition, just "a period of declining real incomes and rising unemployment" less severe than a depression and referred to NBER as "The official
arbiter of when recessions begin and end". So maybe there is some variation.
- lowkey 4y agoBill Clinton defined a recession as two consecutive quarters of negative growth [1]. I suppose the definition of a recession is determined by which party is in office? I don't mean to be snarky, but it is clear that the sudden change in definition is political. [1] https://twitter.com/HowardMortman/status/1552767281981231104?s=20&t=YwkWhNsYcbycnVBASgRtEA https://twitter.com/HowardMortman/status/1552767281981231104...
- Macha 4y agoIs Bill Clinton not of the party which is being accused of standing to benefit from current situation not being classified as a recession?
- lowkey 4y agoMy point exactly. Rules for thee but not for me. Or, "A recession is defined as two consecutive periods of negative GDP growth, except when a Democrat is in power, beginning effective 2022."