This 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.
Sample Chapter(s)
Preface
Chapter 1: Introduction
Contents:
- Preface
- Introduction
- Economic Hysteresis
- Preisach Aggregation Model of Macroeconomic Hysteresis
- Generalized Aggregation Models of Macroeconomic Hysteresis
- Hysteresis Driven by Random Processes
- Bibliography
- Index
Readership: Researchers and economists who are interested in economic hysteresis in general and macroeconomic hysteresis in particular.
Professor Isaak D Mayergoyz is an IEEE Fellow, Recipient of the Achievement Award of the IEEE Magnetics Society (which is the highest award of the Magnetics Society), Distinguished Lecturer of IEEE Magnetics Society, selected for prestigious cover of the 2017 IEEE Magnetics Letters journal, author and coauthor of 16 books, and over 400 journal publications. The last five books were published by World Scientific Publishing: one of them Plasmon Resonances in Nanoparticles was among World Scientific's most downloaded ebooks and was also a best seller in 2014–2015, while another book Fundamentals of Electric Power Engineering received an outstanding review published in IEEE Electrical Insulation Magazine. Professor Mayergoyz is currently member of the Editorial Board of the IEEE Transactions of Magnetics Society.
Professor Can E Korman is the former Associate Dean of Research and Graduate Studies at the School of Engineering and Applied Science and former Chair of the Department of Electrical & Computer Engineering at George Washington University. He is currently an Associate Editor of the IEEE Transactions on Magnetics of the IEEE Magnetics Society. He used to be the Chair of IEEE Magnetics Society Washington DC, Northern Virginia Chapter. He is the co-director of the Institute for MEMS and VLSI Technologies at the George Washington University. He has authored or co-authored over 100 refereed journal papers and conference presentations.