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This method shows the maximum number of periods as a recession for monthly and quarterly data. the peak is not included in the recession shading, but the trough is).

For this time series, the recession begins the first day of the period following a peak and ends on the last day of the period of the trough.

From the nineteenth century to the present, it distinguishes between three types of events: major recessions, bank panics, and periods of bank failures.

I have tried to integrate the best of the approaches of both economists and historians, using them to cross check each other.

the peak is included in the recession shading, but the trough is not).

For daily data, the recession begins on the first day of the month of the peak and ends on the last day of the month preceding the trough. A version of this time series represented using the peak method can be found at:https://fred.stlouisfed.org/series/USRECP NBER based Recession Indicators for the United States from the Period following the Peak through the Trough For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line.

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