“Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, vol. 79 (March), pp. 14–31. Bernanke, Ben S., Mark Gertler, and Simon Gilchrist (1999a). “The Financial Accelerator in a Quantitative Business Cycle Framework,” in John B. Taylor and Michael Woodford, eds., Handbook of Macroeconomics, vol. 1C. Amsterdam: Elsevier, pp. 1341–93.
Looking back over the past four years: actions The National Bureau of Economic Research’s Business Cycle Dating Committee serves as the official arbiter of precisely when recessions begin and end in the United States.1 The committee has determined that what is commonly referred to as the Great Recession began in December 2007 and ended in June 2009.