What is a Recession? A recession is a decline in a country’s gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. History of Recessions July 1980 ' November 1982: The primary cause of this recession was a contractionary monetary policy established by the Federal Reserve System to control high inflation. Contractionary monetary policy is monetary policy that seeks to reduce the size of the money supply. The recession was the most serious recession since the Great Depression until the current recession. July 1990 ' March 1991: March 2001 ' November 2001: The early 2000s recession had been predicted by economists for years, because the boom of the 1990s, which was accompanied by both low inflation and low unemployment. December 2007 ' Current: The complex of this crisis included high oil prices, high food prices and......
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