dependency and macroeconomics in terms of both theory and applications. The volume examines how path dependency is linked with … notions of fundamental uncertainty, non-ergodicity and hysteresis. …

We search for the presence of hysteresis, which we define as aggregate demand shocks that have a permanent impact on … imposing the very existence of hysteresis effects, the credible set of the permanent impact uniformly contains zero. We detect … unemployment rate. …