Hysteresis in the Fundamentals of Macroeconomics

Rod Cross; Hugh McNamara; Alexei Pokrovskii; Leonid Kalachev

Hysteresis in the Fundamentals of Macroeconomics

Rod Cross, Hugh McNamara, Alexei Pokrovskii, Leonid Kalachev

Economics

Research output: Working paper › Discussion paper

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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.

Original language	English
Place of Publication	Glasgow
Publisher	University of Strathclyde
Pages	1-34
Number of pages	35
Volume	10
Publication status	Published - 2010

Keywords

hysteresis
aggregate ouput
market supply and demand

Access to Document

Cross-etal-2010-Hysteresis-in-the-fundamentals-of-macroeconomicsFinal published version, 1.57 MB

Cite this

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KW - market supply and demand

M3 - Discussion paper

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