able to generate fragile equilibria. For instance, in this literature the natural unemployment rate is allowed to shift … over time depending on past unemployment. Actually, many European unemployment series seem to exhibit a unit root or … persistence. This view is questioned in the paper using German data on unemployment. A new class of time-series models, the …

Long-term unemployment was regarded by contemporaries in the 1930's as a major problem but analysis of it has been … neglected in modern economists' research. This paper presents data on durations of unemployment and a measure of the welfare … costs associated with long-term unemployment. It is argued that only a small minority of the long-term unemployed had high …

Spanish manufacturing firms, the paper finds sunk costs hysteresis in entry and exit to be an important factor in determining … much larger than the costs of exiting the market. Finally, although hysteresis exists, its effect on the responsiveness of …

This paper presents an empirical examination of the importance of hysteresis in international trade. An econometric … model of export determination is developed where the presence of sunk costs causes discontinuous behaviour and hysteresis so … States. The paper finds strong evidence in favour of the presence of pricing-to-market and hysteresis only in the case of …

This paper provides a model of "social hysteresis," whereby long, deep recessions demotivate workers and thereby lead …