The 2001 recession and the Chicago Fed National Index: identifying business cycle turning points
Charles Evans (),
Chin Liu and
Economic Perspectives, 2002, vol. 26, issue Q III, 26-43
The initial release of the Chicago Fed National Activity Index (CFNAI) in early 2001 pointed to the very real possibility that the U.S. economy was teetering on the brink of recession. This article quantifies the statistical ability of the CFNAI to act as an early warning indicator of economic recessions. In simulation experiments, the CFNAI performed virtually as well as the statistical model's ideal measure of the business cycle.
Keywords: Recessions; Economic indicators; Index numbers (Economics); Business cycles (search for similar items in EconPapers)
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