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Hysteresis is referred to the hypothesis that recessions may have permanent effects on the level of output relative to trend.
Back in November last year, Professor Olivier Blanchard discussed with me about his view that there should be four types of macroeconomics, and "theory...
>Professor Olivier Blanchard further explained the role empirical research on DSGE models, how to teach undergraduates macro after the Great Recession, and his research on hysteresis.
In this interview, Blanchard discussed his view on the role of DSGE model in modern Macroeconomics and policymaking. He also explained his decision to rewrite his macroeconomics textbooks after the Great Recession. His recent research on hysteresis was also discussed.
After a round of hot debate on the problem of DSGE model and the trouble of macroeconomics initiated by Paul Romer, heavyweight macroeconomist Olivier...