It was never defined as that. That’s been a colloquial marker for one but never a real definition.
And Yellen doesn’t have anything to do with defining a recession either. The NBER (national bureau of economic research) is the authority that declares recessions, and they only ever do it retroactively
The Covid 19 recession was declared despite only lasting 2 months.
It was never defined as that. That’s been a colloquial marker for one but never a real definition.
And Yellen doesn’t have anything to do with defining a recession either. The NBER (national bureau of economic research) is the authority that declares recessions, and they only ever do it retroactively
The Covid 19 recession was declared despite only lasting 2 months.