relative-wage norms as a central element of wage formation. Norms change endogenously, leading to path dependence (hysteresis …

aggregate demand policies. In this paper we study the case of a central bank that ignores the presence of hysteresis when … interaction between forecasts, policies and hysteresis creates the dynamics of self-perpetuating errors that is the focus of this …

I provide evidence of substantial hysteresis (i.e., a situation in which temporary shocks have longrun effects) from … identification by incorporating a mean-unbiased instrumental variable estimator. Results show substantial hysteresis in both human … long lasting responses. I evaluate the aggregate importance of monetary hysteresis with a growth accounting exercise …

for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same …

contractionary effect on output. The temporary growth slowdown translates into output hysteresis (permanently lower output and labor …

hysteresis is challenged by looking at the tendency of individuals who are employed in firms facing a crisis, or in diffi- culty …