Start Business cycle dating in europe

Business cycle dating in europe

The Committee had to adapt the NBER definition, however, to reflect specific features of the euro area.

The Table below shows the business cycles we have identified for our initial analysis.

The common or popular usage boom-and-bust cycle refers to fluctuations in which the expansion is rapid and the contraction severe.

The first systematic exposition of periodic economic crises, in opposition to the existing theory of economic equilibrium, was the 1819 Nouveaux Principes d'économie politique by Jean Charles Léonard de Sismondi. Sismondi found vindication in the Panic of 1825, which was the first unarguably international economic crisis, occurring in peacetime.

Moreover, European statistics are of uneven quality, long time series are not available, and data definitions differ across countries and sources.