Hysteresis in the fundamentals of macroeconomics

Rod Cross, Hugh McNamara (), Leonid Kalachev () and Alexei Pokrovskii ()
Additional contact information
Hugh McNamara: Department of applied mathematics, University college Cork, Cork, Ireland.
Leonid Kalachev: Department of Mathematical Sciences, University of Montana, Missoula, MT.
Alexei Pokrovskii: Department of applied mathematics, University college Cork, Cork, Ireland.

No 1008, Working Papers from University of Strathclyde Business School, Department of Economics

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.

Keywords: Hysteresis; Aggregate Output; Market Supply and Demand (search for similar items in EconPapers)
JEL-codes: C60 C65 E10 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2010-03
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Hysteresis in the fundamentals of macroeconomics (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:str:wpaper:1008

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