Hysteresis in the Fundamentals of Macroeconomics

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Cross, Rod and McNamara, Hugh and Pokrovskii, Alexei and Kalachev, Leonid (2010) Hysteresis in the Fundamentals of Macroeconomics. Discussion paper. University of Strathclyde, Glasgow.

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Abstract

Two fundamental problems in economic analysis concern the determination of aggregate output, and the determination of market prices and quantities. The way economic adjustments are made at the micro level suggests that the history of shocks to the economic environment matters. This paper presents tractable approach for introducing hysteresis into models of how aggregate output and market prices and quantities are determined.

  • Item type:Monograph(Discussion paper)
    ID code:67838
    Dates:
    Date
    Event
    6 April 2010
    Published
    Notes:Published as a paper within the Discussion Papers in Economics, No. 10-08 (2010)
    Subjects:Social Sciences > Economic Theory
    Department:Strathclyde Business School > Economics
    Depositing user: Pure Administrator
    Date deposited:14 May 2019 14:24
    Last modified:15 Nov 2024 01:23
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/67838
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