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Hysteresis in the fundamentals of macroeconomics

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Author Info

  • Rod Cross

    ()
    (Department of Economics, University of Strathclyde)

  • Hugh McNamara

    ()
    (Department of applied mathematics, University college Cork, Cork, Ireland.)

  • Leonid Kalachev

    ()
    (Department of Mathematical Sciences, University of Montana, Missoula, MT.)

  • Alexei Pokrovskii

    ()
    (Department of applied mathematics, University college Cork, Cork, Ireland.)

Abstract

Two fundamental problems in economic analysis concern the determination 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://www.strath.ac.uk/media/departments/economics/researchdiscussionpapers/2010/10-08_final.pdf
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Bibliographic Info

Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 1008.

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Length: 34 pages
Date of creation: Mar 2010
Date of revision:
Handle: RePEc:str:wpaper:1008

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

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Cited by:
  1. 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).
  2. 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.

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