Dating the world business cycle
The starting point of all these glamorous things, however, is measurement.
Most macroeconomics is about business cycle fluctuations.
In the event of dissension among Council members, a simple plurality of votes is used.
Votes are subject to a quorum of at least half of the members of the Council.
In deciding on the occurrence and timing of a recession, the Council looks at three dimensions: duration, amplitude, and scope – or how widespread a downturn is.
The Council does not impose preset conditions with respect to amplitude, duration, and scope, notably because these considerations need to be judged simultaneously and because the economy and its measurement change over time.