The program was organized by Jim Stock and Lars Svensson.
Selected papers were published in the The 24th annual International Seminar on Macroeconomics, organized by Jeffrey Frankel and Francesco Giavazzi, was held in Dublin, Ireland, June 8-9, 2001, hosted by Vincent Hogan, University College, Dublin.
The euro area groups together a set of different countries.
Although subject to a common monetary policy since 1999, they even now have heterogeneous institutions and policies.
A popular rule of thumb is that two consecutive quarterly declines in real GDP signal a recession.
This rule is consistent with the dispersion and duration requirements for a recession and with the average recessionary path of real GDP; however, two very small quarterly declines might not produce the depth required for a recession.
The broadest monthly indicator is employment in the entire economy.
The committee generally also studies another monthly indicator of economy-wide activity, personal income less transfer payments, in real terms, adjusted for price changes.
The committee did not announce their determination that the 2001 recession ended in November until July 17, 2003.
The committee noted that, “The 2001 recession thus lasted eight months, which is slightly less than the average duration of recessions since World War II.
Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.