long-run impact on the productive capacity of the economy through hysteresis effects. These demand shocks are found to be …

Wir konstruieren ein neues Modell unbeobachteter Komponenten mit Markov-Switching zur Analyse von Hysterese … Konjunkturzyklus. Es zeigt sich, dass der jahrzehntelange Aufwärtstrend der Arbeitslosigkeit in Deutschland vollständig durch Hysterese … erklärt werden kann. Dagegen folgte die Arbeitslosigkeit in den USA keinem Hysterese-Muster, auch nicht während der großen …

In this paper, we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call … employment and investment, although output per worker is largely unaffected. We find strong evidence that hysteresis transmits …

contradicts the natural rate hypothesis, introduce a version of the New Keynesian model which allows for some hysteresis and …

A new test for hysteresis based on a nonlinear unobserved components model is proposed. Observed unemployment rates are … lagged cyclical shocks on the current natural component is the measure of hysteresis. To derive anappropriate p-value for a … test for hysteresis two alternative bootstrap algorithms are proposed: the first is valid under homoskedastic errors and …

so that our identification is not affected by the Faust andLeeper (1997) critique. We find widespread hysteresis: demand …-teractions with structural shocks and other institutions as crucial determinantsof hysteresis. …

for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same …