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V-shaped Recession
Recession shapes or recovery shapes are used by economists to describe different types of recessions and their subsequent recoveries. There is no specific academic theory or classification system for recession shapes; rather the terminology is used as an informal shorthand to characterize recessions and their recoveries. The most commonly used terms are V-shaped (with variations of square-root shaped, and Nike-swoosh shaped), U-shaped, W-shaped (also known as a double-dip recession), and L-shaped recessions, with the COVID-19 pandemic leading to the K-shaped recession (also known as a two-stage recession). The names derive from the shape the economic data – particularly GDP – takes during the recession and recovery. V-shaped In a V-shaped recession, the economy suffers a sharp but brief period of economic decline with a clearly defined trough, followed by a strong recovery. V-shapes are the normal shape for a recession, as the strength of the economic recovery is typicall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale Anthropogenic hazard, anthropogenic or natural disaster (e.g. a pandemic). There is no official definition of a recession, according to the International Monetary Fund, IMF. In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom and Canada, a recession is defined as negative economic growth for two consecutive qu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bureau Of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is known for proposing start and end dates for recessions in the United States. Many chairpersons of the Council of Economic Advisers were previously NBER research associates, including the former NBER president and Harvard professor Martin Feldstein. The NBER's current president and CEO is James M. Poterba of MIT. History Founding The NBER was established in 1920 following debates during the Progressive era over income distribution. Founded by Malcolm Rorty and Nachum Stone, the NBER aimed to fill the information gap on economic data. The organization's research is restricted to presenting data and findings without making policy recommendations. Early years The NBER initially received support from the Carnegie F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Late-2000s Recession
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.“US Business Cycle Expansions and Contractions” United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009. The scale and timing of the varied from country to country (see map). At the time, the |
Deflation
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% and becomes negative. While inflation reduces the value of currency over time, deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from '' disinflation'', a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive. Economists generally believe that a sudden deflationary shock is a problem in a modern economy because it increases the real value of debt, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a deflationary spiral . Some economists argue that prolonged deflationary periods are related to the underlying technological progress in an economy, because as productivity increases ( TFP), the cost of goods decreases. Deflation usually happens when supply is hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Bubble
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Asset Price Bubble
The was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. In early 1992, this price bubble burst and the country's economy stagnated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion.Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka (February 2001):The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons More specifically, over-confidence and speculation regarding asset and stock prices were closely associated with excessive monetary easing policy at the time.Edgardo Demaestri, Pietro Masci (2003): Financial Crises in Japan and Latin America, Inter-American Development Bank Through the creation of economic policies that cultivated the marketability of assets, eased the access to credit, and encouraged speculation, the Japanese government started a prolon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Malaise
Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, ''slow'' means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. Secular stagnation theory The term "secular stagnation" was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". Warnings similar to secular stagnation theory have been issued after all deep recessions, but they usually turned out to be wrong because they underestimated the potential of existing technologies.Pagano and Sbracia (2014"The secular stagnation h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lost Decade (Japan)
The Lost Decades are a lengthy period of economic stagnation in Japan precipitated by the asset price bubble's collapse beginning in 1990. The singular term originally referred to the 1990s, but the 2000s (Lost 20 Years, ) and the 2010s (Lost 30 Years, ) have been included by commentators as the phenomenon continued. From 1991 to 2003, the Japanese economy, as measured by GDP, grew only 1.14% annually, while the average real growth rate between 2000 and 2010 was about 1%, both well below other industrialized nations. Debt levels continued to rise due to the 2008 financial crisis and the Great Recession, the 2011 Tōhoku earthquake and tsunami, the Fukushima nuclear disaster, and the COVID-19 pandemic and COVID-19 recession. Broadly impacting the entire Japanese economy, over the period of 1995 to 2023, the country's nominal GDP fell from $5.33 trillion to $4.21 trillion, real wages fell around 11%, while the country experienced a stagnant or decreasing price l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depression (economics)
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa. It is a result of more severe economic problems or a ''downturn'' than the economic recession, recession itself, which is a slowdown in economic activity over the course of the normal business cycle of growing economy. Economic depressions may also be characterized by their length or duration, showing increases in unemployment, larger increases in unemployment or even abnormally large levels of unemployment (as with for example some problems in Japan in incorporating digital economy, that such technological difficulty resulting in very large unemployment rates or lack of good social balance in emp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brexit
Brexit (, a portmanteau of "Britain" and "Exit") was the Withdrawal from the European Union, withdrawal of the United Kingdom (UK) from the European Union (EU). Brexit officially took place at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 Central European Time, CET). The UK, which joined the EU's precursors the European Communities (EC) on 1 January 1973, is the only member state to have withdrawn from the EU, although the territories of Greenland (part of the Kingdom of Denmark) previously left the EC in 1985 and Algeria (formerly French Algeria, part of France) left in 1976. Following Brexit, EU law and the Court of Justice of the European Union no longer have Primacy of European Union law, primacy over British laws but the UK remains legally bound by obligations in the various treaties it has with other countries around the world, including many with EU member states and indeed with the EU itself. The European Union (Withdrawal) Act 2018 retains relevant EU law as La ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
