Hysteresis and the European Unemployment Problem¶
Blanchard, O. J., & Summers, L. H. (1986). Hysteresis and the European Unemployment Problem. NBER Macroeconomics Annual, 15-78.
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Mechanisms¶
- Taper and Replacement Trigger
- … against them is to pre-commit the threshold somewhere hard to move, put an independent monitor on it (which pairs with the transparency dashboard), and never cut ahead of the replacement's proven capacity — because capability lost to atrophy shows hysteresis: it does not spring back the moment it is needed again.
This sourceDescribes hysteresis in which skill atrophy can make a temporary shock's effects persist.
- … against them is to pre-commit the threshold somewhere hard to move, put an independent monitor on it (which pairs with the transparency dashboard), and never cut ahead of the replacement's proven capacity — because capability lost to atrophy shows hysteresis: it does not spring back the moment it is needed again.
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