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For this time series, the recession begins the first day of the period following a peak and ends on the last day of the period of the trough.For more options on recession shading, see the notes and links below.Major modern economic statistics, such as unemployment and GDP, were not compiled on a regular and standardized basis until after World War II.The average duration of the 11 recessions between 19 is 10 months, compared to 18 months for recessions between 19, and 22 months for recessions from 1854 to 1919.The trough heralds the onset of a euro area expansion; any subsequent decline in economic activity will constitute a new recession.The expansion since the 2013Q1 trough has been, so far, unusually lacklustre by historical standards.Cycles in the country's agriculture, consumption, and business investment, and the health of the banking industry contribute to these declines. In the 19th century, recessions frequently coincided with financial crises.

The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales". recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.

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.

, Iceland, June 18-19, 2004, hosted by Thorvaldur Gylfason at the University of Iceland, Faculty of Economics and Business Administration.

The program was organized by Richard Clarida and Francesco Giavazzi.




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