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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. Falko Juessen & Christian Bayer, 2005. "Convergence in West German Regional Unemployment Rates," ERSA conference papers ersa05p410, European Regional Science Association.
  2. Ansgar Belke & Matthias Göcke & Martin Guenther, 2012. "Exchange Rate Bands of Inaction and Play-Hysteresis in German Exports – Sectoral Evidence for Some OECD Destinations," Ruhr Economic Papers 0327, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  3. 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).
  4. Belke, Ansgar & Göcke, Matthias, 2004. "Real Options Effects on Employment: Does Exchange Rate Uncertainty Matter for Aggregation?," IZA Discussion Papers 1126, Institute for the Study of Labor (IZA).
  5. Ansgar Belke & Matthias Goecke & Martin Guenther, 2009. "When Does It Hurt? The Exchange Rate "Pain Threshold" for German Exports," Ruhr Economic Papers 0148, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  6. Matthias G�cke & Ansgar Belke, 1999. "Micro and Macro Hysteresis in Employment under Exchange Rate Uncertainty," Computing in Economics and Finance 1999 722, Society for Computational Economics.
  7. bruno amable & jerome henry & frederic lordon & richard topol, 2005. "Complex Remanence vs. Simple Persistence: Are Hysteresis and Unit-Root Processes observationally equivalent?," Computational Economics 0501001, EconWPA.
  8. Rod Cross & Julia Darby & Jonathan Ireland & Laura Piscitelli, 1999. "Hysteresis and Unemployment: a Preliminary Investigation," Computing in Economics and Finance 1999 721, Society for Computational Economics.
  9. Ansgar Belke & Matthias Göcke & Laura Werner, 2014. "Hysteresis Effects in Economics – Different Methods for Describing Economic Path-dependence," Ruhr Economic Papers 0468, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.

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