Posted by
Rdan |
10:35 AM
Brad DeLong suggested a bit before the U.S. election that there was virtually no non-political reason for NBER not to admit the United States was in a recession.*
A little late, but they generally got it right. As Floyd Norris notes:
The National Bureau of Economic Research said today that the current recession began a year ago, in December 2007.
I’ve been arguing for some time that the recession started around then (between October 2007 and January 2008), but for much of that time it was a lonely vigil, with few economists in agreement until things fell apart in September.
I would still argue for October 2007;the "peak" in December was related more to a Certain Holiday than anything real. (It's not called "Black Friday" in honor of
workers who get trampled.) But at least they called it, which will make it more difficult to argue that "the recession started on Obama's watch."
Sorry,
New Economist.
Related Posts by Categories
Brad DeLong- Brad DeLong is Correct
- Brad's Draft Lecture
- When in Crisis, Insult Sociologists?
- Verklaerte KristolNacht
- Coming Soon from Major Economists Near You
- Thanks to Ben Bernanke, Ben Bernanke Doesn't Need to be Reappointed as Fed Chair
- Those Who Think the "Left of Center" is Too Tough on N. Gregory Mankiw
- Simple Answers to Simple Questions, CRA edition
- curiouser and curiouser capitalist
- Silliness from Time Magazine
- Tom Toles is a Priceless National Treasure, Vol XIII
- I Agree with Hank Paulson, not Paul Krugman
- Back-of-the-Envelope: Making Sense of TARP
- Being sub-A, we try harder?
- Brad DeLong (Desperately?) Tries to Rationalise the Giveaway
- Stimulus Update
- Game, Set, and Match
- Why Can Asset Prices Fall
- NBER generally gets it right
- In Which I Say Something Nice about Lawrence Summers
- In Which I Say Something Nice about Lawrence Summers
- On the Internet, no one knows you're a Nobel Prize-winning Economist*
- On the Internet, no one knows you're a Nobel Prize-winning Economist*
- Four years is too long, Brad
Post a Comment