Hysteresis Effects In Economics
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| Author | : Ms.Valerie Cerra |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2020-05-29 |
| Genre | : Business & Economics |
| ISBN | : 1513536990 |
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.
| Author | : Mr.Olivier J. Blanchard |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2015-11-06 |
| Genre | : Business & Economics |
| ISBN | : 1513555839 |
We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
| Author | : Richard E. Baldwin |
| Publisher | : |
| Total Pages | : 305 |
| Release | : 2019 |
| Genre | : Business & Economics |
| ISBN | : 0190901764 |
"Digital technology will bring globalisation and robotics (globotics) to previously shielded professional and service sectors. Jobs will be displaced at the eruptive pace of digital technology while they will be replaced at a normal historical pace. The mismatch will produce a backlash - the globotics upheaval"--
| Author | : |
| Publisher | : |
| Total Pages | : 409 |
| Release | : 1986 |
| Genre | : |
| ISBN | : 9780262560375 |
| Author | : Mark A. Krasnosel'skii |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 429 |
| Release | : 2012-12-06 |
| Genre | : Mathematics |
| ISBN | : 3642613020 |
Hysteresis phenomena are common in numerous physical, mechanical, ecological and biological systems. They reflect memory effects and process irreversibility. The use of hysteresis operators (hysterons) offers an approach to macroscopic modelling of the dynamics of phase transitions and rheological systems. The applications cover processes in electromagnetism, elastoplasticity and population dynamics in particular. Hysterons are also typical elements of control systems where they represent thermostats and other discontinuous controllers with memory. The book offers the first systematic mathematical treatment of hysteresis nonlinearities. Construction procedures are set up for hysterons in various function spaces, in continuous and discontinuous cases. A general theory of variable hysterons is developed, including identification and stability questions. Both deterministic and non-deterministic hysterons are considered, with applications to the study of feedback systems. Many of the results presented - mostly obtained by the authors and their scientific group - have not been published before. The book is essentially self contained and is addressed both to researchers and advanced students.
| Author | : Martin Brokate |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 368 |
| Release | : 2012-12-06 |
| Genre | : Mathematics |
| ISBN | : 1461240484 |
Hysteresis is an exciting and mathematically challenging phenomenon that oc curs in rather different situations: jt, can be a byproduct offundamental physical mechanisms (such as phase transitions) or the consequence of a degradation or imperfection (like the play in a mechanical system), or it is built deliberately into a system in order to monitor its behaviour, as in the case of the heat control via thermostats. The delicate interplay between memory effects and the occurrence of hys teresis loops has the effect that hysteresis is a genuinely nonlinear phenomenon which is usually non-smooth and thus not easy to treat mathematically. Hence it was only in the early seventies that the group of Russian scientists around M. A. Krasnoselskii initiated a systematic mathematical investigation of the phenomenon of hysteresis which culminated in the fundamental monograph Krasnoselskii-Pokrovskii (1983). In the meantime, many mathematicians have contributed to the mathematical theory, and the important monographs of 1. Mayergoyz (1991) and A. Visintin (1994a) have appeared. We came into contact with the notion of hysteresis around the year 1980.
| Author | : Augusto Visintin |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 420 |
| Release | : 2013-06-29 |
| Genre | : Mathematics |
| ISBN | : 3662115573 |
Hysteresis effects occur in science and engineering: plasticity, ferromagnetism, ferroelectricity are well-known examples. This volume provides a self-contained and comprehensive introduction to the analysis of hysteresis models, and illustrates several new results in this field.
| Author | : Mr.Olivier J. Blanchard |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2013-01-03 |
| Genre | : Business & Economics |
| ISBN | : 1475576447 |
This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is that fiscal multipliers were substantially higher than implicitly assumed by forecasters. The weaker relation in more recent years may reflect in part learning by forecasters and in part smaller multipliers than in the early years of the crisis.
| Author | : José Carlos Dias |
| Publisher | : Nova Science Publishers |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : Hysteresis |
| ISBN | : 9781633213364 |
The study of complex hysteresis problems has become increasingly important in recent years, since the hysteresis phenomenon affects significantly the decisions that have to be rendered in a wide range of real-world practical applications. For example, the so-called hysteresis effects may influence substantially some fields not directly related to the natural sciences such as finance, economy, or fiscal policy. In addition, such phenomenon is also typically present in many engineering and physics applications of interest such as in magnetism, spin-valve technology, semiconductors, surface physics, aeronautical and civil engineering aerodynamics, complex battery systems, biology, etc. This book focuses on the most recent attempts for modeling a diverse variety of complex hysteresis problems faced in economics, engineering, and physics. The chapters of this book provide a self-contained, rigorous, and clear treatment of the different types and sources of hysteresis under a large spectrum of applications. The book also highlights how stochastic control and other mathematical tools as well as econometric techniques can be applied for analyzing the complex properties of hysteresis problems. This authoritative book is a definitive guide on how to understand the newest designs for modeling hysteresis in highly complex systems and thus it will be an essential reading for graduate students and researchers in economics, engineering, and physics.
| Author | : Wolfgang Franz |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 127 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642515436 |
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.
