Hysteresis is one of the main concepts used in Layard, Nickell and Jackman's book, Unemployment: Macroeconomic Performance and the Labour Market. Attempts to clarify the concept of hysteresis, from its formal representation to its empirical applications. Emphasizes the idea that hysteresis...

Hysteresis is one of the main concepts used in Layard, Nickell and Jackman′s book, Unemployment: Macroeconomic Performance and the Labour Market . Attempts to clarify the concept of hysteresis, from its formal representation to its empirical applications. Emphasizes the idea that hysteresis...

The author discusses the effect of the mimetic contagion on the dynamics of stock prices. Each investor bids and/or asks prices such that adjusts to his present value, calculated from his incomplete information set, and to the average price of others buyers and sellers (mimetic contagion). An...