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Hysteresis in the fundamentals of macroeconomics

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Author Info

  • Cross, R.
  • McNamara, H.
  • Pokrovskii, A.V.
  • Kalachev, L.

Abstract

Two fundamental problems in economic analysis concern the deter mination of aggregate output, and the determination of market prices and quantities. The way economic adjustments are made at the micro level suggests that the history of shocks to the economic environment matters. This paper presents tractable approach for introducing hysteresis into models of how aggregate output and market prices and quantities are determined.

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File URL: http://repo.sire.ac.uk/handle/10943/167
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Bibliographic Info

Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2010-36.

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Date of creation: 2010
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Handle: RePEc:edn:sirdps:167

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Related research

Keywords: Hysteresis; Aggregate Output; Market Supply and Demand;

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Cited by:
  1. MORARU Andreea Daniela & JUGANARU Ion-Danut, 2013. "Consumer Behaviour: Does History Matter," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 65(1), pages 121-128.
  2. Göcke, Matthias, 2012. "Play-hysteresis in supply as part of a market model," Discussion Papers 61, Justus Liebig University Giessen, Center for international Development and Environmental Research (ZEU).

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