Belke, Ansgar - In: Credit and Capital Markets – Kredit und Kapital 51 (2018) 4, pp. 587-619
of weak demand can lead to rising structural unemployment and a permanently lower capital stock – the hysteresis effects … Blanchard and Summers type of hysteresis approach should not be taken one-to-one into recommendations for monetary policy …. Merely referring to the hard form of "reverse hysteresis" and pressing for bold counter-cyclical monetary (and fiscal …