2 ms·
The argument is the definition is just GDP growth. Not inflation and per capital adjusted GDP growth. Hence, why I posted the chart I did. But even with that
by mywittyname 4y ago
The argument is the definition is just GDP growth. Not inflation and per capital adjusted GDP growth. Hence, why I posted the chart I did.
But even with that chart, none of the previous three recessions started with, 'two consecutive quarters of GDP decline.' They may have been preceded by it, but that does not mark the start of any of those recessions. By that definition, the great financial crisis started in 2007Q2, which would be well over a year before the collapse of AIG and Lehman.
There's ample evidence on that chart that the NBER has remained consistent with their definitions over the year. Otherwise, the previous recession would have started at least a quarter earlier.