Bassi, Federico; Bauermann, Tom; Lang, Dany; … - 2020
Post Keynesian macrodynamic models make various assumptions about the normal rate of capacity utilization. Those rooted … rate of capacity utilization by developing a model of strong or genuine hysteresis, in which firms make discrete decisions … empirical analysis of 25 sectors of the US economy is used to show that hysteresis can cause variation in the normal rate of …