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Hysteresis and the Modeling of Economic Phenomena

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  • Donald Katzner

Abstract

Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.

Suggested Citation

  • Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 171-181.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:171-181
    DOI: 10.1080/095382599107101
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    References listed on IDEAS

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    1. Vickers,Douglas, 1987. "Money Capital in the Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521328418, October.
    2. repec:bla:scandj:v:89:y:1987:i:1:p:71-89 is not listed on IDEAS
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    6. Cross,Rod Preface by-Name:Blanchard,Olivier (ed.), 1995. "The Natural Rate of Unemployment," Cambridge Books, Cambridge University Press, number 9780521483308, October.
    7. Paul Davidson, 1993. "The Elephant and the Butterfly," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 309-322, March.
    8. Donald W. Katzner, 1993. "Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 323-345, March.
    9. Nicholas Georgescu-Roegen, 1950. "The Theory of Choice and the Constancy of Economic Laws," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(1), pages 125-138.
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    2. Zdeněk Chytil & Lukáš Máslo, 2017. "Conceptualization of Historical Time in Post Keynesian Economics," Prague Economic Papers, Prague University of Economics and Business, vol. 2017(4), pages 397-421.
    3. Rod Cross, 2014. "Unemployment: natural rate epicycles or hysteresis?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 136-148, September.
    4. Sofia Castro & João Correia-da-Silva, 2005. "Past expectations as a determinant of equilibrium prices - hysteresis in a simple economy," FEP Working Papers 185, Universidade do Porto, Faculdade de Economia do Porto.
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    7. Paulo R. Mota & Abel L. C. Fernandes & Paulo B. Vasconcelos, 2018. "Employment Hysteresis: An Argument For Avoiding Front-Loaded Fiscal Consolidations In The Eurozone," FEP Working Papers 610, Universidade do Porto, Faculdade de Economia do Porto.

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