Hysteresis in the fundamentals of macroeconomics

Two fundamental problems in economic analysis concern the deter mination 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
Authors:	Cross, R. ; McNamara, H. ; Pokrovskii, A.V. ; Kalachev, L.
Institutions:	Scottish Institute for Research in Economics (SIRE)
Subject:	Hysteresis \| Aggregate Output \| Market Supply and Demand

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Series:	SIRE Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series SIRE-DP-2010-36 Number 2010-36
Source:	RePEc - Research Papers in Economics

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