Hysteresis Effects In Economics

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Hysteresis Effects In Economic Models

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Author : Wolfgang Franz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Hysteresis Effects In Economic Models written by Wolfgang Franz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

This volume is devoted to the hysteresis phenomenon in economic relationships. This topic has received renewed attention in economics especially in the late eigh ties. Since the issue is not settled there is still a growing literature on it. The aim of this volume is to summarize the findings, present new results, and to draw attention to further research. All papers are written for this volume and are not published elsewhere. I am very grateful to all authors and referees without whose prompt and generous help this volume would not appear in the present form. A short summary of each paper is given in section 5 of the overview paper. Konstanz, January 1990 Wolfgang Franz University of Konstanz Contents Hysteresis in Economic Relationships: An Overview W. Franz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Hysteresis in Trade R. Baldwin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Some Evidence on the Membership Hysteresis Hypothesis in Europe M. C. Burda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Insider-Outsider Influences on Industry Wages D. T. Coe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Testing for Hysteresis in Unemployment An Unobserved Components Approach A. Jaeger and M. Parkinson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Unemployment and Deterioration of Human Capital J. Moller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Hysteresis, Nairn and Long Term Unemployment in Austria P. Neudorfer, K. Pichelmann and M. Wagner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Hysteresis in Economic Relationships: An Overview l By W. Franz Can the socialist man be created so as not to show any hysteresis trace of his bourgois or peasant past? N. Georgescu-Roegen (l971. p. 126) 1 Introduction The hysteresis phenomenon has received renewed attention in economic science.

Hysteresis Effects In Economic Models

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Author : Wolfgang Franz
language : en
Publisher:
Release Date : 1990-07-13

Hysteresis Effects In Economic Models written by Wolfgang Franz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-07-13 with categories.

Hysteresis Effects In Economics

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Author : Ansgar Belke
language : en
Publisher:
Release Date : 2014

Hysteresis Effects In Economics written by Ansgar Belke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

Hysteresis And Business Cycles

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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29

Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.

Hysteresis In An Open Economy Model

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Author : Terry O'Shaughnessy
language : en
Publisher:
Release Date : 1994

Hysteresis In An Open Economy Model written by Terry O'Shaughnessy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Apertura economica - Modelos categories.

Hysteresis In Labor Markets Evidence From Professional Long Term Forecasts

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Author : Mr.John C Bluedorn
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-23

Hysteresis In Labor Markets Evidence From Professional Long Term Forecasts written by Mr.John C Bluedorn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-23 with Business & Economics categories.

We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts of employment by more than one-for-one and also expect a strong rise in labor force participation, suggesting more persistent effects than is traditionally assumed. Economic booms associated with changes in aggregate demand, when inflation is rising and unemployment falling unexpectedly, also come with persistent long-term effects on expected employment and labor force participation, suggesting positive hysteresis. Our forecast evaluation tests indicate that forecasters are, on average, unbiased in their assessment of these positive, persistent effects.

Hysteresis Effects In A Model Of The Phillips Curve

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Author : Terry O'Shaughnessy
language : en
Publisher:
Release Date : 1993

Hysteresis Effects In A Model Of The Phillips Curve written by Terry O'Shaughnessy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Desempleo categories.

Unemployment Hysteresis And The Natural Rate Hypothesis

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Author : Rod Cross
language : en
Publisher:
Release Date : 1988

Unemployment Hysteresis And The Natural Rate Hypothesis written by Rod Cross and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Employment (Economic theory) categories.

Aimed at economists and students of macroeconomics and labour economics, this collection of essays covers topics ranging from hysteresis and the natural rate to characteristics of the unemployed.

Estimating Hysteresis Effects

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Author : Francesco Furlanetto
language : en
Publisher:
Release Date : 2021

Estimating Hysteresis Effects written by Francesco Furlanetto and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Hysteresis (Economics) categories.

In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular when the Great Recession is included in the sample. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment (including R&D investment), while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately affects the least productive workers.

Hysteresis In Unemployment And Jobless Recoveries

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Author : Dmitry Plotnikov
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-06

Hysteresis In Unemployment And Jobless Recoveries written by Dmitry Plotnikov and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-06 with Business & Economics categories.

This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period.