Recession dating is monthly. To obtain the quarterly time series used here, we converted the monthly expansion/recession phases to a quarterly frequency by designating the cyclical peak (the first quarter of recession) as the quarter containing the first full recession month - that is, the month following the monthly peak designation. Table 1 shows the dates of all recessions in the sample.
This new regulatory framework is still under construction, but the Federal Reserve has already made significant changes to how it conceptualizes and carries out both its regulatory and supervisory role and its responsibility to foster financial stability.