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Hysteresis (economics) : ウィキペディア英語版 | Hysteresis (economics)
In economics, ''hysteresis'' refers to the possibility that periods of high unemployment tend to increase the rate of unemployment, below which inflation begins to accelerate, commonly referred to as the natural rate of unemployment or non-accelerating inflation rate of unemployment (NAIRU). The term is based on the physical phenomenon of hysteresis in magnetic materials. ==Implication for statistical characterization of unemployment==
If the unemployment rate exhibits hysteresis, then it follows a statistically non-stationary process, because the expected value of the unemployment rate now and in the future permanently shifts when the rate itself changes. The process with hysteresis is a unit root process, which in its simplest form can be characterized as : where is the unemployment rate at time ''t'' and is a stationary error term representing outside shocks to the rate. According to this characterization, for all , where refers to an expectation conditional on values observed no later than time ''t''–1; any temporary shock to unemployment, represented by a single non-zero value of , results in a permanent change to expected unemployment (even for indefinitely large so the expectation is for indefinitely far into the future). A more elaborate model would allow to go up positively but less than one-for-one with . In contrast, a non-hysteresis model of unemployment would have following a stationary process, so that for arbitrarily large would always equal a permanently fixed natural rate of unemployment.
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「Hysteresis (economics)」の詳細全文を読む
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