000			a
999			_c34539 _d34539
008			250718b xxu||||| |||| 00| 0 eng d
020			_a9789811290466 _c(hbk)
082			_a339 _bMAY
100			_aMayergoyz, Isaak D
245			_aTheory of macroeconomic hysteresis
260			_bWorld Scientific, _c2024. _aSingapore :
300			_ax, 200 p. ; _c24 cm.
365			_b88.00 _c$ _d88.60
504			_aIncludes bibliographical references and index.
520			_aThis book deals with the mathematical theory of macroeconomic hysteresis, which is the theory of aggregation of microeconomic hysteresis. Microeconomic sunk cost hysteresis is usually represented by relatively simple hysteresis loops with no discrete memory of past economic shocks. It turns out that macroeconomic aggregation leads to the formation of complex multibranch hysteresis with discrete memory of past economic shocks. Consequently, the macroeconomic aggregation of microeconomic hysteresis results in the emergence of new economic phenomena. In the book, the basic properties of macroeconomic hysteresis are mathematically studied. It is demonstrated that certain important properties of macroeconomic hysteresis (such as history-dependent branching, erasure effects of some past economic shocks, geometric features of macroeconomic hysteresis loops, etc.) are insensitive to specific structures of microeconomic hysteresis subject to aggregation. This suggests that the above properties may be viewed as universal. Furthermore, it is pointed out that these aggregation models have the prediction power of future macroeconomic branching, which may be employed for the prediction of future economic evolution
650			_aHysteresis
650			_aMacroeconomics
650			_aMathematical Models
700			_aKorman, Can E.
942			_2ddc _cBK