Cross, Rod - In: European Journal of Economics and Economic Policies: … 11 (2014) 2, pp. 136-148
, equilibrium unemployment is haunted by hysteresis. The curious history of the natural rate hypothesis is considered, curious … because the authors of the hypothesis thought hysteresis to be relevant. The various methods that have been used to model … hysteresis in economic systems are outlined, including the Preisach model with its selective, erasable memory properties. The …