How long are recessions, expansions, and business cycles? All FRED graphs like the ones you have created in previous assignments show recessions (also called contracations) as vertical, gray-shaded regions and expansions as the white area 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. The National Bureau of Economic Research (NBER) provides the official dating of U.S. business cycles here: US Business Cycle Expansions and Contractions NBER According to the NBER, the Covid-19 Pandemic ended the longest US expansion (128 months) and involved the shortest US recession/contraction (2 months). Using the NBER business cycle dating, answer the following questions.

1. Before 2020, what were the dates (beginning and ending months) and duration (number of months from Peak to Trough) of the shortest US recession (contraction)?

2. Before 2020, what were the dates (beginning and ending months) and duration (number of months from Peak to Trough) of the longest US recession (contraction)?

3. Before 2020, what were the dates (months) and duration (number of months from Trough to Peak) of the shortest US expansion?

4. Before 2020, what were the dates (months) and duration (number of months from Trough to Peak) of the longest US expansion?

5. What is the average duration (number of months) of a US recession/contraction? -

6. What is the average duration (number of months) of a US expansion?

7. What is the average duration (number of months) of a US business cycle (Peak to Peak)?

8. How many recessions/contractions occurred in the half-centruy 1854-1900?

9. How many recessions/contractions occurred in the half-century 1901-1945?

10. How many recessions/contractions occurred in the half-century 1946-present?

11. What is the average duration (number of months) of US business cycles (Peak to Peak) from 1854-1945?

12. What is the average duration (number of months) of US business cycles (Peak to Peak) from 1946-present?

A. 17 months

B. 11

C. Oct 1873 to Mar 1879 (65)

D. 41 months

E. Jan 1980 to July 1980 (6)

F. 59 months

G. 50 months

H. 75 months

I. Mar 1991 to Mar 2001 (120)

J. Mar 1919 to Jan 1920 (10)

K. 11

L. 12