Current Economic Recession: How Long, How Deep, and How Different From the Past? [Updated January 10, 2002] [open pdf - 211KB]
"In March 2001, the 10th recession of the post-World War II period began. Of these 10 recessions, only two have been long and deep- the recession of 1973-1975 and the recession of 1981-1982. This report examines the current recession and recessions of the previous three decades in detail. It gives a brief overview of the other post-war recessions. It outlines the fiscal and monetary policy response to each recession. It also looks at theories of why recessions occur. The report concludes by asking the question that many commentators in the news have asked recently: is this recession different from the past? It finds little evidence that this is the case."
CRS Report for Congress, RL31237