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The NBER business cycle dating is considered reliable by the economic community and it is standard practice to shade NBER recessions in economic time series (for instance, the St.

They then define a recession as the period between the months (or quarters) from one peak to the immediately following trough, both inclusive.In the United States the identification of the turning points in business cycles has been done by the National Bureau of Economic Research, early pioneers in business cycle research.Europe has not had the same tradition and it is only with the development of the European Community and the Eurozone that common comparable economic statistics have made the task easier.See our Note on alternative filtering methods and their application in sharp downturns.

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The Table below shows the business cycles we have identified for our initial analysis.Ello implica que los signos de recuperación, cada vez más evidentes, se remontan a hace casi dos años, confirmando que, dentro de los países de la periferia del área del euro, la economía española ha sido una de las primeras en dejar atrás la fase de caída generalizada en la actividad económica y retomar un crecimiento positivo.

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