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arXiv · 1701.06299

Economic Growth Model with Constant Pace and Dynamic Memory

Valentina V. Tarasova·Vasily E. Tarasov
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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.

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Valentina V. Tarasova, Vasily E. Tarasov. 2017-01-23. Economic Growth Model with Constant Pace and Dynamic Memory. https://doi.org/10.20861/2304-2338-2017-84-001

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