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Hysteresis in Economic Systems

  • Rod Cross

    ()

    (University of Strathclyde)

  • Michael Grinfeld

    ()

    (University of Strathclyde)

  • Laura Piscitelli

    ()

    (University of Strathclyde)

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
Contact details of provider: Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA
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