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Book

Theory Of Macroeconomic Hysteresis

ISBN : 9789811290466

Author : Isaak D Mayergoyz

Publisher : World Scientific

Year : 2024

Language : English

Type : Book

Description : This book deals with the mathematical theory of macroeconomic hysteresis, which is the theory of aggregation of microeconomic hysteresis. Microeconomic sunk cost hysteresis is usually represented by relatively simple hysteresis loops with no discrete memory of past economic shocks. It turns out that macroeconomic aggregation leads to the formation of complex multibranch hysteresis with discrete memory of past economic shocks. Consequently, the macroeconomic

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