system
Given the following post, respond as if you're commenting on Reddit:
human
Is there anything legally bound by NBER declaring a recession?

Does this give the federal (or other levels of) government certain powers?
gpt
As far as I’m aware, there are no legal implications to NBER declaring a recessions. It should be noted that NBER may not declare a recession until months or even 1-2 years later, so it’s not great for use in real-time decision making. It is, however, used more often in economic research.