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The Macroeconomic Consequences of Discontinuous Adjustment: Selective Memory of Non-dominated Extrema

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  • Cross, Rod

Abstract

This paper deals with the macroeconomic consequences of discontinuous adjustment by heterogenous agents. The method used to analyze this problem is based on the Krasnosel'skii decomposition of systems into hysteresis operators. This method is applied to a simple model of asset-switching. The novel property is that the nondominated extremum values of the interest-rate-driving variable help determine the aggregate stocks of assets. Copyright 1994 by Scottish Economic Society.

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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 41 (1994)
Issue (Month): 2 (May)
Pages: 212-21

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Handle: RePEc:bla:scotjp:v:41:y:1994:i:2:p:212-21

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Cited by:
  1. Belke, Ansgar & Göcke, Matthias & Guenther, Martin, 2009. "When does it hurt? The exchange rate "pain threshold" for German exports," Discussion Papers 45, Justus Liebig University Giessen, Center for international Development and Environmental Research (ZEU).
  2. Christian Bayer & Falko Jü�en, 2007. "Convergence in West German Regional Unemployment Rates," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 8, pages 510-535, November.
  3. Ansgar Belke & Matthias Göcke & Martin Günther, 2013. "Exchange Rate Bands Of Inaction And Play-Hysteresis In German Exports—Sectoral Evidence For Some Oecd Destinations," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 64(1), pages 152-179, 02.
  4. Caporale, Guglielmo Maria & Gil-Alana, Luis A., 2004. "Non-linearities and fractional integration in the US unemployment rate," HWWA Discussion Papers 259, Hamburg Institute of International Economics (HWWA).
  5. Rod Cross & Julia Darby & Jonathan Ireland & Laura Piscitelli, 1999. "Hysteresis and Unemployment: a Preliminary Investigation," Computing in Economics and Finance 1999, Society for Computational Economics 721, Society for Computational Economics.
  6. Ansgar Belke & Matthias Göcke, 2005. "Real Options Effects on Employment: Does Exchange Rate Uncertainty Matter for Aggregation?," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 6(2), pages 185-203, 05.
  7. Ansgar Belke & Matthias Göcke & Laura Werner, 2014. "Hysteresis Effects in Economics – Different Methods for Describing Economic Path-dependence," Ruhr Economic Papers, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen 0468, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  8. bruno amable & jerome henry & frederic lordon & richard topol, 2005. "Complex Remanence vs. Simple Persistence: Are Hysteresis and Unit-Root Processes observationally equivalent?," Computational Economics, EconWPA 0501001, EconWPA.
  9. Matthias G�cke & Ansgar Belke, 1999. "Micro and Macro Hysteresis in Employment under Exchange Rate Uncertainty," Computing in Economics and Finance 1999, Society for Computational Economics 722, Society for Computational Economics.

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