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https://doi.org/10.1080/1331677X.2018.1498365

Consumption and hysteresis: the new, the old, and the challenge

Andreea-Daniela Moraru orcid id orcid.org/0000-0002-9329-3230 ; Faculty of Economic Sciences, Ovidius University of Constanta, Constanta, Romania
Alina Barbulescu ; Faculty of Mathematics and Informatics, Ovidius University of Constanta, Constanta, Romania and Higher Colleges of Technology, Sharjah, UAE
Cristina Duhnea ; Faculty of Economic Sciences, Ovidius University of Constanta, Constanta, Romania


Puni tekst: engleski pdf 1.757 Kb

str. 1965-1980

preuzimanja: 448

citiraj


Sažetak

Consumers are reluctant to change immediately their
consumption patterns when confronted with budgetary changes,
in spite of fluctuating economic conditions. Their reluctance
evokes the notion of hysteresis used by economists to
describe the persistent influence of past economic events. The
importance of hysteresis in economic research represents a
natural consequence of the development of economic sciences
and of the pursuit of understanding economic systems’ evolution
by taking into account their ‘memory’, their conscience of the
past. The present paper represents an attempt to review some of
the most relevant approaches to hysteresis in economics and to
emphasise the impact of the phenomenon on macroeconomic
consumption in Romania. The paper aims at reviewing the
application of hysteresis to economic models, and subsequently
at constructing a two-phase research on households’ individual
final consumption in Romania during 1990 and 2016, employing
both the unit root and the so-called ‘true’ approach to hysteresis.
The research results indicated the existence of hysteresis at
the macroeconomic consumption level, thus revealing several
implications for economic policy, inaccessible through the
standard economic models.

Ključne riječi

households’ consumption; hysteresis; remanence; selective memory; persistence

Hrčak ID:

217023

URI

https://hrcak.srce.hr/217023

Datum izdavanja:

3.12.2018.

Posjeta: 822 *