Hysteresis in the fundamentals of macroeconomics.

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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Year of publication:	2010-03
Authors:	Cross, Rod ; McNamara, Hugh ; Kalachev, Leonid ; Pokrovskii, Alexei
Institutions:	Economics Department, University of Strathclyde
Subject:	Hysteresis \| Aggregate Output \| Market Supply and Demand

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 10-08 34 pages
Classification:	C60 - Mathematical Methods and Programming. General ; C65 - Miscellaneous Mathematical Tools ; E10 - General Aggregative Models. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008629512