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Gordon, Matthew | Hysteresis and the learning-By-doing mechanism in the monetary policy context: a bayesian vector autoregression appoach | Standard macroeconomic theory typically assumes that output in the long-run is independent of the short-run business cycle. The hysteresis hypothesis assumes the contrary and supposes that short-run economic shocks can have a permanent effect on the level of output. This paper empirically tests the ... | 2022 |
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