enables hysteresis to be taken into account. Hysteresis is likely to show up in unemployment but it can also affect the … capital stock due to the existence of long investment cycles. In the proposed model, hysteresis may affect all the factor … be computed that are hysteresis-free and less prone to volatility. A complementary measure of the output gap that takes …

enables hysteresis to be taken into account. Hysteresis is likely to show up in unemployment but it can also affect the … capital stock due to the existence of long investment cycles. In the proposed model, hysteresis may affect all the factor … be computed that are hysteresis-free and less prone to volatility. A complementary measure of the output gap that takes …

unemployment function. Our results provide evidence of chronic underutilization of productive capacity and hysteresis in …

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 … ranges of variation in the actual rate. More broadly speaking, the genuine hysteresis model is shown to provide the basis for …