Economic Growth Model with Constant Pace and Dynamic Memory

Valentina V. Tarasova and 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.

Date: 2017-01, Revised 2019-04
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Citations: View citations in EconPapers (11)

Published in Problems of Modern Science and Education. 2017. No.2(84). P.40-45

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