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Using the data from the National Bureau of Economic Research (NBER) report, http://www.nber.org/cycles.html, and what you learned in lecture and the textbook, answer the following
Using the data from the National Bureau of Economic Research (NBER) report, http://www.nber.org/cycles.html, and what you learned in lecture and the textbook, answer the following questions. To help you interpret the data in the NBER table, I've applied the dates from the most recent US business cycle (see graphic above). As you can see, stages 2 & 3 (recovery and expansion) represent periods when the economy is growing. And stages 1 & 4 are periods of contraction. During the last cycle, the U.S. economy set a record for expansion (120 months) after a brief contraction (8 months). During July 1981, the economy hit a turning point. How long (in terms of months) did the following contraction (i.e., recession) last? Enter your answer in whole numbers only. For example, if the correct answer is 5 months then enter 5
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