期刊
JOURNAL OF ECONOMIC SURVEYS
卷 16, 期 2, 页码 167-188出版社
BLACKWELL PUBL LTD
DOI: 10.1111/1467-6419.00163
关键词
hysteresis; persistence; path-dependence; equilibrium
类别
Different types of hysteresis are applied in order to describe persistence phenomena in micro- and macroeconomics. On the microeconomic level sunk adjustment costs generate 'genuine' hysteresis where temporary exogenous shocks lead to switches between different 'branches' of an entire input-output-relation (i.e. 'multibranch non-linearity'). The shape of the hysteresis loop changes when an adequate aggregation towards a macroeconomic relation is conducted over heterogeneous micro elements. Hysteresis-relations are based on a local structural instability in the case of a branch-to-branch-transition. However, the persistence characteristics of first order difference (differential) equations with unit (zero) roots - which are based on a global indifference-instability - are in economics commonly labelled as 'hysteresis' as well.
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