1. How long are recessions, expansions, and business cycles? All FRED graphs like the ones you have created in previous assignments show recessions (also called contractions) as vertical, gray-shaded regions and expansions as the white area in between recessions. Together, expansions and recessions define business cycles - one expansion and one recession are one business cycle. The "Peak" is the last month of the expansion and the "Trough" is the last month of the recession.

[NOTE: "FIGURE 1" HERE IS THE TABLE BELOW]