Journalartikel

Jahr der Veröffentlichung: 2002

Seiten: 167-188

Zeitschrift: Journal of Economic Surveys

Bandnummer: 16

Heftnummer: 2

ISSN: 0950-0804

DOI Link: https://doi.org/10.1111/1467-6419.00163

Verlag: Wiley

Abstract: 
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.

Harvard-Zitierstil: Göcke, M. (2002) Various Concepts of Hysteresis Applied in Economics, Journal of Economic Surveys, 16(2), pp. 167-188. https://doi.org/10.1111/1467-6419.00163

APA-Zitierstil: Göcke, M. (2002). Various Concepts of Hysteresis Applied in Economics. Journal of Economic Surveys. 16(2), 167-188. https://doi.org/10.1111/1467-6419.00163