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Turning Points: Business Cycles in Canada Since 1926

Author

Listed:
  • Philip Cross

    (Business Cycle Council, C.D. Howe Institute)

  • Philippe Bergevin

    (C.D. Howe Institute)

Abstract

Market-based economies tend to exhibit cyclical behaviour. The recent financial crisis, with devastating impacts that are still being felt today, has added urgency to the drive to improve our understanding of business cycles. Pinpointing key turning points in the economy, meaning when recession takes hold or growth resumes, is vital for policymakers, businesses and consumers alike. In this paper, the authors clarify how best to define a recession and measure its severity. And, to create a foundation for further research in this area, we provide an authoritative set of business cycle dates for Canada, going back to 1926. These dates were reviewed and approved by the C.D. Howe Institute Business Cycle Council.

Suggested Citation

  • Philip Cross & Philippe Bergevin, 2012. "Turning Points: Business Cycles in Canada Since 1926," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 366, October.
  • Handle: RePEc:cdh:commen:366
    as

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    File URL: https://www.cdhowe.org/turning-points-business-cycles-in-canada-since-1926/19364
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    References listed on IDEAS

    as
    1. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
    2. Philippe Bergevin & William B.P. Robson, 2012. "More RRBs, Please! Why Ottawa Should Issue More Inflation-Indexed Bonds," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 363, September.
    3. Bernanke, Ben S, 1995. "The Macroeconomics of the Great Depression: A Comparative Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 1-28, February.
    4. Benjamin Dachis & William B.P. Robson, 2012. "From Living Well to Working Well: Raising Canada's Performance in Non-residential Investment," e-briefs 137, C.D. Howe Institute.
    5. Geoffrey H. Moore & Victor Zarnowitz, 1984. "The Development and Role of the National Bureau's Business Cycle Chronologies," NBER Working Papers 1394, National Bureau of Economic Research, Inc.
    6. Benjamin Dachis, 2012. "Stuck in Place: The Effect of Land Transfer Taxes on Housing Transactions," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 364, October.
    7. Edward E. Leamer, 2008. "What's a Recession, Anyway?," NBER Working Papers 14221, National Bureau of Economic Research, Inc.
    8. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
    9. David Longworth, 2012. "Combatting the Dangers Lurking in the Shadows: The Macroprudential Regulation of Shadow Banking," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 361, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Economic Growth and Innovation; Canada; business cycles; recession; financial crisis;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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