Harrod–Domar Growth Model with Memory and Distributed Lag

In this paper, we propose a macroeconomic growth model, in which we take into account memory with power-law fading and gamma distributed lag. This model is a generalization of the standard Harrod–Domar growth model. Fractional differential equations of this generalized model with memory and lag are...

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Bibliographic Details
Published in:Axioms 2019-01, Vol.8 (1), p.9
Main Authors: Tarasov, Vasily E., Tarasova, Valentina V.
Format: Article
Language:English
Subjects:
Asymptotic properties
Consumption
Differential equations
distributed lag
Distributed memory
Economic growth
Fading
fractional derivative
fractional differential equations
gamma distribution
Growth models
Harrod–Domar model
Macroeconomics
Mathematical models
Power
Propensity to consume
Response time
time delay
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Summary:In this paper, we propose a macroeconomic growth model, in which we take into account memory with power-law fading and gamma distributed lag. This model is a generalization of the standard Harrod–Domar growth model. Fractional differential equations of this generalized model with memory and lag are suggested. For these equations, we obtain solutions, which describe the macroeconomic growth of national income with fading memory and distributed time-delay. The asymptotic behavior of these solutions is described.
ISSN:2075-1680
2075-1680
DOI:10.3390/axioms8010009