R/USREC.R

#' Recession Indicators Series
#'
#' \code{USREC} NBER based Recession Indicators for the United States from the
#'  Period following the Peak through the Trough
#'
#' @section Notes:
#' This time series is an interpretation of US Business Cycle Expansions
#' and Contractions data provided by The National Bureau of Economic
#' Research (NBER) at \url{http://www.nber.org/cycles/cyclesmain.html}. Our
#' time series is composed of dummy variables that represent periods of
#' expansion and recession. The NBER identifies months and quarters of
#' turning points without designating a date within the period that
#' turning points occurred. The dummy variable adopts an arbitrary
#' convention that the turning point occurred at a specific date within
#' the period. The arbitrary convention does not reflect any judgment on
#' this issue by the NBER's Business Cycle Dating Committee. A value of 1
#' is a recessionary period, while a value of 0 is an expansionary
#' period. 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. For more options on recession shading, see the notes and
#' links below.
#'
#' The recession shading data that we provide initially comes from the
#' source as a list of dates that are either an economic peak or trough.
#' We interpret dates into recession shading data using one of three
#' arbitrary methods. All of our recession shading data is available
#' using all three interpretations. The period between a peak and trough
#' is always shaded as a recession. The peak and trough are collectively
#' extrema. Depending on the application, the extrema, both individually
#' and collectively, may be included in the recession period in whole or
#' in part. In situations where a portion of a period is included in the
#' recession, the whole period is deemed to be included in the recession
#' period.
#'
#' The first interpretation, known as the midpoint method, is to show a
#' recession from the midpoint of the peak through the midpoint of the
#' trough for monthly and quarterly data. For daily data, the recession
#' begins on the 15th of the month of the peak and ends on the 15th of
#' the month of the trough. Daily data is a disaggregation of monthly
#' data. For monthly and quarterly data, the entire peak and trough
#' periods are included in the recession shading. This method shows the
#' maximum number of periods as a recession for monthly and quarterly
#' data. The Federal Reserve Bank of St. Louis uses this method in its
#' own publications. A version of this time series represented using the
#' midpoint method can be found at: 
#' \url{https://fred.stlouisfed.org/series/USRECM}
#'
#' The second interpretation, known as the trough method, is to show a
#' recession from the period following the peak through the trough (i.e.
#' the peak is not included in the recession shading, but the trough is).
#' For daily data, the recession begins on the first day of the first
#' month following the peak and ends on the last day of the month of the
#' trough. Daily data is a disaggregation of monthly data. The trough
#' method is used when displaying data on FRED graphs. The trough method
#' is used for this series.
#'
#' The third interpretation, known as the peak method, is to show a
#' recession from the period of the peak to the trough (i.e. 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. Daily data
#' is a disaggregation of monthly data. A version of this time series
#' represented using the peak method can be found at: 
#' \url{https://fred.stlouisfed.org/series/USRECP}
#'
#' @docType data
#'
#' @usage data(USREC)
#'
#' @format An \code{\link{xts}} object containing monthly observations of NBER 
#'   based Recession Indicators
#'  \itemize{
#' #\item\strong{Release:} {Recession Indicators Series (Not a Press Release)}
#'  \item\strong{Seasonal Adjustment:} {Not Seasonally Adjusted} 
#'  \item\strong{Frequency:} {Monthly}
#'  \item\strong{Units:} {+1 or 0}
#'  \item\strong{Date Range:} {1854-12-01 to 2021-11-01}
#'  \item\strong{Last Updated} {2021-12-01 6:01 PM CST}
#' }
#'
#' @source Federal Reserve Bank of St. Louis \url{https://fred.stlouisfed.org/data/USREC.txt}
#'
#' @examples
#' data(USREC)
#' USREC["2007/2009"]
#' plot(USREC["1947/"], grid.col = "white", col="red")
#'
"USREC"
JustinMShea/neverhpfilter documentation built on Dec. 31, 2022, 1:15 p.m.