Is the Recession Really Over? Part II

Professor Jeffrey Frankel, of Harvard, a member of the N.B.E.R.'s Business Cycle Dating Panel, has posted a critical rejoinder to my previous post, in which he defends the committee's work and urges me to "take an hour and look at what the N.B.E.R. committee does, with the same journalistic care that you put into published articles." In all online discussions, there is a danger of reacting vehemently against criticisms, which often leads to a written shouting match. I'd like to avoid that...