Belke, Ansgar; Göcke, Matthias - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 319-345
particular form of path dependency, "hysteresis". At the same time, the interest rate channel is a central ingredient of monetary … of uncertainty. Starting with hysteresis effects on the micro level, we apply an adequate aggregation procedure to derive …