Economic Growth Model with Constant Pace and Dynamic Memory
Economics
2019-04-04 v2
Abstract
The article discusses a generalization of model of economic growth with constant pace, which takes into account the effects of dynamic memory. Memory means that endogenous or exogenous variable at a given time depends not only on their value at that time, but also on their values at previous times. To describe the dynamic memory we use derivatives of non-integer orders. We obtain the solutions of fractional differential equations with derivatives of non-integral order, which describe the dynamics of the output caused by the changes of the net investments and effects of power-law fading memory.
Keywords
Cite
@article{arxiv.1701.06299,
title = {Economic Growth Model with Constant Pace and Dynamic Memory},
author = {Valentina V. Tarasova and Vasily E. Tarasov},
journal= {arXiv preprint arXiv:1701.06299},
year = {2019}
}
Comments
7 pages, PDF