Hysteresis in Economic Systems

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Hysteresis in Economic Systems

Author Info

Rod Cross () (University of Strathclyde)
Michael Grinfeld () (University of Strathclyde)
Laura Piscitelli () (University of Strathclyde)

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Abstract

This paper describes how the Preisach model, with its superposition of hysteresis play operators, can be applied to economic systems. At the micro level economic agents, because of fixed or sunk costs of adjustment, adjust discontinuously to changes in state variables and have different trigger points for adjustment. Illustrations of this analytical framework are provided. Simulation exercises are pursued using plausible parameter values. A programme is then constructed to yield hysteresis measures for economic time series, which are then used to test for the presence of hysteresis in steady state relationships.

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Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 1999 with number 723.

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Date of creation: 01 Mar 1999
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Handle: RePEc:sce:scecf9:723

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Cowan, R.A. & Rizzo, M.J., 1995. "The Genetic causal Tradition of Modern Economic History," Working Papers 95-29, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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. [Downloadable!]
Rod Cross, Douglas Strachan, 2001. "Three Pillars of Conventional Wisdom," Review of Political Economy, Taylor and Francis Journals, vol. 13(2), pages 181-200, April. [Downloadable!] (restricted)
Bryant, Amy & Richards, Timothy J., 1998. "Hysteresis And The Shortage Of Agricultural Labor," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20858, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
Michael Dobbie, 2004. "Hysteresis and Insider-Outside Theory - A Literature Review," Research Papers 0408, Macquarie University, Department of Economics. [Downloadable!]
Donald W. Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor and Francis Journals, vol. 11(2), pages 171-181, April. [Downloadable!] (restricted)

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