Edward Harrison submits:

Everyone is trying to gauge when a ‘recovery’ is going to occur in the United States and globally. Some see imminent recovery. Others like myself see a late-2009 or early-2010 recovery. Yet others, including most readers of my blog, see no recovery for quite some time. So, naturally, we should ask: just what is a ‘recovery’ anyway? Below, I want to answer this question and introduce the term ‘technical recovery.’

In the U.S., the National Bureau of Economic Research is the arbiter of recession. In announcing the beginning of this recession, the NBER issued a statement with some informative FAQs. Below are some highlights. The link to the full text is here.

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