Hysteresis and the Modeling of Economic Phenomena
Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.
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Volume (Year): 11 (1999)
Issue (Month): 2 ()
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References listed on IDEAS
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- Vickers,Douglas, 1987. "Money Capital in the Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521328418, August.
- Cross, Rod B, 1987. " Hysteresis and Instability in the Natural Rate of Unemployment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(1), pages 71-89.
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- Donald W. Katzner, 1993. "Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 15(3), pages 323-345, April.