  Hysteresis is treated as a history dependent branching, and the use of the
classical Preisach model for the analysis of macroeconomic hysteresis is first
discussed. Then, a new Preisach-type model is introduced as a macroeconomic
aggregation of more realistic microeconomic hysteresis than in the case of the
classical Preisach model. It is demonstrated that this model is endowed with a
more general mechanism of branching and may account for the continuous
evolution of the economy and its effect on hysteresis. Furthermore, it is shown
that the sluggishness of economic recovery is an intrinsic manifestation of
hysteresis branching.
