The economy entered a recession in January of 2015, but GDP data alluding to the start of the recession was not published and analyzed by the Fed until July 2015. This exemplifies a(n)

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Recognition lag refers to the time it takes for policymakers to recognize that the economy is in a recession or undergoing a significant change. In this scenario, the delay from January to July before the Fed recognized and analyzed the GDP data indicating a recession is a classic example of recognition lag.

The Economy Entered a Recession in January of 2015, but GDP