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tis (version 1.0)

nberShade: Plotting NBER Recesssions

Description

nberDates returns a matrix with two columns of yyyymmdd dates giving the Start and End dates of recessions fixed by the NBER. nber.xy returns a list of x and y coordinates that can be fed to polygon to draw NBER shadings on the current plot. If the last row from nberDates() has a Start entry but no End entry, the returned list will also include a vLine element that gives the x coordinate of the last Start. nberShade shades recession areas on the current plot. It calls nber.xy to get x and y coordinates for the areas to be shaded and then passes those coordinates along with its own arguments to polygon to do the shading. It also draws a vertical line at the appropriate location if the list returned by nber.xy has a vLine element.

romerLines draws vertical lines on the current plot at the "Romer and Romer" dates when monetary policy is said to have become contractionary.

Usage

nberShade(col = grey(0.8), border = FALSE, xpd = FALSE, ...)
nberDates()
nber.xy()
romerLines()

Arguments

col
color to shade recessionary periods
border
the default (FALSE) omits borders on the shaded regions. TRUE draws borders in the foreground color. Alternatively, specify a border color.
xpd
should clipping take place?
...
other args passed to polygon

Value

  • As described above, nber.xy returns a list. The other functions described do not return anything useful.

References

Christina D. Romer and David H. Romer. 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz." NBER Macroeconomics Annual 4: 121-170. Christina D. Romer and David H. Romer. 1994. "Monetary Policy Matters." Journal ofMonetary Economics 34 (August): 75-88.

National Bureau of Economic Research. http://www.nber.org.

See Also

polygon