The February issue of Liber8, the newsletter of the Research Library of the Federal Reserve Bank of St. Louis, has an article that answers the question "What is a recession?". The article explains how the Business Cycle Dating Committee of the National Bureau of Economic Research studies data and decides when the economy is in a recession (and yes, we are in one and have been since Dec. 2007).
The article has links to other Federal Reserve Bank articles on the recession.
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