Periods of recession and expansion in the sample
| Period | Economic cycle |
|---|---|
| January 1995 to March 2001 | Expansion |
| April 2001 to November 2001 | Recession |
| December 2001 to December 2007 | Expansion |
| January 2008 to June 2009 | Recession |
| July 2009 to February 2020 | Expansion |
| March 2020 to April 2020 | Recession |
| May 2020 to May 2021 | Expansion |
| Period | Economic cycle |
|---|---|
| January 1995 to March 2001 | Expansion |
| April 2001 to November 2001 | Recession |
| December 2001 to December 2007 | Expansion |
| January 2008 to June 2009 | Recession |
| July 2009 to February 2020 | Expansion |
| March 2020 to April 2020 | Recession |
| May 2020 to May 2021 | Expansion |
Source(s): National Bureau of Economic Research (NBER)
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