Adjustment Asymmetries and Hysteresis in Simple Dynamic Models
AbstractThe author considers the formal modeling of hysteresis in light of the notion that this process is a special case, contingent on the existence of unit roots in first order difference equations. It is argued that variables displaying adjustment asymmetries along disequilibrium time paths can generate hysteresis, irrespective of the existence of unit roots. Examples of adjustment asymmetries and hysteresis in investment and in the Phillips curve are provided. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 66 (1998)
Issue (Month): 3 (June)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Alfonso Palacio-Vera, 2008. "Money wage rigidity, monopoly power and hysteresis," Documentos de trabajo de la Facultad de Ciencias EconÃ³micas y Empresariales 08-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
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