An Economic Model for OECD Economies with Truncated M -Derivatives: Exact Solutions and Simulations

Luis A. Quezada-Téllez, Guillermo Fernández-Anaya, Dominique Brun-Battistini, Benjamín Nuñez-Zavala and Jorge E. Macías-Díaz
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Luis A. Quezada-Téllez: Departamento de Física y Matemáticas, Universidad Iberoamericana, Mexico City 01219, Mexico
Guillermo Fernández-Anaya: Departamento de Física y Matemáticas, Universidad Iberoamericana, Mexico City 01219, Mexico
Dominique Brun-Battistini: Departamento de Física y Matemáticas, Universidad Iberoamericana, Mexico City 01219, Mexico
Benjamín Nuñez-Zavala: Departamento de Física y Matemáticas, Universidad Iberoamericana, Mexico City 01219, Mexico
Jorge E. Macías-Díaz: Department of Mathematics and Didactics of Mathematics, Tallinn University, 10120 Tallinn, Estonia

Mathematics, 2021, vol. 9, issue 15, 1-14

Abstract: This article proposes two conformal Solow models (with and without migration), accompanied by simulations for six Organisation for Economic Co-operation and Development economies. The models are proposed by employing suitable Inada conditions on the Cobb–Douglas function and making use of the truncated M -derivative for the Mittag–Leffler function. In the exact solutions derived in this manuscript, two new parameters play an important role in the convergence towards, or the divergence from, the steady state of capital and per capita product. The economical dynamics of these nations are influenced by the intensity of the capital and labor factors, as well as the level of depreciation, the labor force rate and the level of saving.

Keywords: Solow growth model; truncated M-derivative; fractional operators; Inada conditions (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2021
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