Barry Eichengreen and Kevin H. O’Rourke say we’re in one:

[T]he world is currently undergoing an economic shock every bit as big as the Great Depression shock of 1929-30. Looking just at the US leads one to overlook how alarming the current situation is even in comparison with 1929-30.

The good news, of course, is that the policy response is very different. The question now is whether that policy response will work.

I’m reminded of recession dating. We may be in one for a while before the pros get around to acknowledging it.