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

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 …

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 …

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

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 …

We construct a new Markov-switching unobserved components framework for the analysis of hysteresis effects. Our model … in German unemployment is fully explained by hysteresis. The Great Recession was well absorbed because both hysteresis … not evolve according to hysteresis, not even during the Great Recession. …