Various Concepts of Hysteresis Applied in Economics
AbstractDifferent types of hysteresis are applied in order to describe persistence phenomena in micro- and macroeconomics. On the microeconomic level sunk adjustment costs generate "genuine" hysteresis where temporary exogenous shocks lead to switches between different "branches" of an entire input-output-relation (i.e. "multibranch non-linearity"). The shape of the hysteresis loop changes when an adequate aggregation towards a macroeconomic relation is conducted over heterogeneous micro elements. Hysteresis-relations are based on a local structural instability in the case of a branch-to-branch-transition. However, the persistence characteristics of first order difference (differential) equations with unit (zero) roots--which are based on a global indifference-instability--are in economics commonly labeled as "hysteresis" as well. Copyright 2002 by Blackwell Publishers Ltd
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Volume (Year): 16 (2002)
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