Theory of Macroeconomic Hysteresis

Isaak D Mayergoyz and Can E Korman
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Isaak D Mayergoyz: University of Maryland, USA
Can E Korman: George Washington University, USA

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: This book deals with the mathematical theory of macroeconomic hysteresis, which is the theory of aggregation of microeconomic hysteresis. Microeconomic sunk cost hysteresis is usually represented by relatively simple hysteresis loops with no discrete memory of past economic shocks. It turns out that macroeconomic aggregation leads to the formation of complex multibranch hysteresis with discrete memory of past economic shocks. Consequently, the macroeconomic aggregation of microeconomic hysteresis results in the emergence of new economic phenomena.

Keywords: Macroeconomic Hysteresis; Microeconomic Hysteresis; Economic Hysteresis; Binary Actions; Rectangular Loop; Microeconomic Hysteresis Loop; Preisach Models; Markovian Hysteresis; Non-Markovian Hysteresis; Strong Hysteresis; Weak Hysteresis; Sunk Cost Hysteresis; Rate-Independent Hysteresis; Aggregation Models; Congruency Property; Erasure Property; Path Independence Property; Diagram Technique; Distributed Memory; Play Hysteresis; Prandtl-Ishlinskii Model; Input-Output Approach; Multibranch Hysteresis; Leontief Model; Multi-input Models; Investment Under Uncertainty; Noise in Hysteretic Systems; Random Switching; Markov Process; IID Process; Mean Reversion; Ornstein-Uhlenbeck Process; Binary Random Processes; Exit Problem; Expected Value; Stochastic Differential Equation; Stochastic Processes; Kolmogorov Equation; Fokker-Planck Equation; Vasicek Model; Natural Rate of Unemployment; Natural Rate Hypothesis; Stochastic Processes on Graphs (search for similar items in EconPapers)
JEL-codes: C02 C6 F4 F61 F62 (search for similar items in EconPapers)
Date: 2024
ISBN: 9789811290466
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