Hysteresis in the fundamentals of macroeconomics
AbstractTwo 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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Bibliographic InfoPaper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2010-36.
Date of creation: 2010
Date of revision:
Hysteresis; Aggregate Output; Market Supply and Demand;
Other versions of this item:
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
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- 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.
- 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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