A non-linear model is applied where suddenly strong spurts of exports occur when changes of the exchange rate go beyond a zone of inaction. We call the latter a "play" area - analogous to mechanical play and implement an algorithm describing path-dependent playhysteresis into a regression...

Transition from one economic equilibrium to another as a consequence of shocks is often associated with sunk adjustment costs. Firm specific sunk market entry investments (or sunk market exit costs) in case of a reaction to price shocks are an example. These adjustment costs lead to a dynamic...

Consequences of path-dependent supply side on the market equilibrium are illustrated. Supply is only a subsystem of the entire market with its forcing variable (price) being endogenous from the perspective of the entire market. This results in feedbacks on the equilibrium of price and quantity...

Der Zusammenhang zwischen ökonomischen Größen kennzeichnet sich oftmals dadurch, dass die Ausgangssituation und vergangene Werte von Bedeutung sind. Vergangene (temporäre) exogene Störungen und Zustände des Systems haben einen Einfluss auf die gegenwärtigen Zusammenhänge. Typische...