Modeling of the national economies in state-space: A fractional calculus approach

Tomáš Škovránek, Igor Podlubny and Ivo Petráš

Economic Modelling, 2012, vol. 29, issue 4, 1322-1327

Abstract: A new approach to macroeconomic modeling is presented and illustrated by an application to modeling the behavior of national economies of the three Commonwealth countries. The developed approach is based on three essential modern tools.

Keywords: Macroeconomics; Mathematical and quantitative methods; Economic systems; Fractional calculus; State-space; Fractional differential equations; Modeling; Orthogonal distance fitting (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:29:y:2012:i:4:p:1322-1327

DOI: 10.1016/j.econmod.2012.03.019

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