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Adjustment Asymmetries and Hysteresis in Simple Dynamic Models

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  • Setterfield, Mark

Abstract

The 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

Suggested Citation

  • Setterfield, Mark, 1998. "Adjustment Asymmetries and Hysteresis in Simple Dynamic Models," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(3), pages 283-301, June.
    • Handle: RePEc:bla:manch2:v:66:y:1998:i:3:p:283-301
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    Cited by:

    1. Bassi, Federico & Lang, Dany, 2016. "Investment hysteresis and potential output: A post-Keynesian–Kaleckian agent-based approach," Economic Modelling, Elsevier, vol. 52(PA), pages 35-49.
    2. Váry, Miklós, 2018. "A hiszterézis közgazdasági jelentőségéről posztkeynesi szemléletben [The economic relevance of hysteresis from a post-Keynesian perspective]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1006-1047.
    3. Paul Plummer & Matthew Tonts, 2013. "Do History and Geography Matter? Regional Unemployment Dynamics in a Resource-Dependent Economy: Evidence from Western Australia, 1984–2011," Environment and Planning A, , vol. 45(12), pages 2919-2938, December.
    4. Koray Yıldırım & Neşe Algan & Harun Bal, 2024. "Investment Hysteresis: An Empirical Essay Turkish Case," Evaluation Review, , vol. 48(1), pages 143-176, February.
    5. Lukas Maslo & Zdenek Chytil, 2016. "Some Reflections on Methodology of Critical Realism," Proceedings of Economics and Finance Conferences 3205937, International Institute of Social and Economic Sciences.
    6. Zdeněk Chytil & Lukáš Máslo, 2016. "Revize monetárního modelu Marca Lavoieho endogenizací parametru gama," Politická ekonomie, Prague University of Economics and Business, vol. 2016(2), pages 209-217.
    7. Alfonso Palacio Vera, 2008. "Money wage rigidity, monopoly power and hysteresis," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 08-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    8. Mark Setterfield, 2015. "Heterodox economics, social ontology, and the use of mathematics," Working Papers 1503, New School for Social Research, Department of Economics, revised May 2015.

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