In Western Europe in the last two decades the unemployment rate has increased during cyclical downturns only to persist at or around the higher level in the following phase of economic recovery. One of the most notable exceptions to this pattern of unemployment persistence, often termed...

Der Zusammenhang zwischen ökonomischen Größen kennzeichnet sich oftmals dadurch, dass die Ausgangssituation und vergangene Werte von Bedeutung sind. Vergangene (temporäre) exogene Störungen und Zustände des Systems haben einen Einfluss auf die gegenwärtigen Zusammenhänge. Typische...

The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...

The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...