The Council released its first report on October 24, 2012, providing an assessment of the 2008/09 recession, as well as an historical chronology of business cycle dates going back to 1926 (a background commentary that explains in greater details the methodology and the chronology can be found here).
In its second report, the council determined that as of July 22, 2015, data did not provide evidence that Canada had entered an economic downturn.
The Council also acts as a conduit for research aimed at developing a deeper understanding of how the economy evolves and to provide guidance to policymakers.
This site stores nothing other than an automatically generated session ID in the cookie; no other information is captured.
In general, only the information that you provide, or the choices you make while visiting a web site, can be stored in a cookie.
As an example, the standard operating procedure when drawing the chart of a macroeconomic time-series is to show a shaded background for the period which was a contraction.
Here is one example: y-o-y CPI inflation in the US, with recessions shown as shaded bars.
The ultimate dream of macroeconomic policy is to use monetary policy and fiscal policy to reduce the amplitude of business cycle fluctuations, without contaminating the process of trend GDP growth.
From an Indian policy perspective, this agenda is sketched in Shah and Patnaik (2010).
In deciding on the occurrence and timing of a recession, the Council looks at three dimensions: duration, amplitude, and scope – or how widespread a downturn is.
The Council does not impose preset conditions with respect to amplitude, duration, and scope, notably because these considerations need to be judged simultaneously and because the economy and its measurement change over time.
As an example, in the US, the NBER produces a set of dates.
These dates are extremely valuable in myriad applications.