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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