Dosi, Giovanni; Pereira, Marcelo C.; Roventini, Andrea; … - 2017
In this work we develop an agent-based model where hysteresis in major macroeconomic variables (e.g. GDP, productivity …, unemployment) emerges out of the decentralized interactions of heterogenous firms and workers. Building upon the model in Dosi et … entry, studying their hysteretic impacts. Indeed, hysteresis is ubiquitous. However, this is not due to market imperfections …