What Is an Economic Depression?
A significant decline in economic activity spread across the economy and lasting more than a few months (NBER).
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1.How does the NBER describe a recession?
A significant decline in economic activity spread across the economy and lasting more than a few months (NBER).
2.Does the NBER separately mark depressions?
So the myth that a depression is a precise, official category does not hold; the word is used for unusually severe downturns.
3.What three things do people usually mean by depression?
There is no single test, such as a ten percent drop in output.
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