The Elephant and the Butterfly: Or Hysteresis and Post Keynesian Economics

Louise Davidson

Chapter 23 in Uncertainty, International Money, Employment and Theory, 1999, pp 305-317 from Palgrave Macmillan

Abstract: Abstract I welcome Rod Cross’s comments suggesting that the New Keynesian conceptualization of ‘hysteresis’ is ‘amenable’ and ‘relevant to the Post Keynesian understanding of economic processes’, where economic events occur in a historical context with an uncertain future. More than one-half century after Keynes’ criticism of ‘Professor Tinbergen’s Method’ (1937) of analysing time series econometrically under the assumption of stationarity, it is gratifying to note that some macroeconometricians are trying to develop an analysis that deals with changing macrofactors that both affect, and are affected by, agents’ behaviour.

Keywords: Unit Root; Original Process; Stationary Increment; Mainstream Economist; Keynesian Economic (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14991-9_23

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DOI: 10.1007/978-1-349-14991-9_23

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