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

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  • Škovránek, Tomáš
  • Podlubny, Igor
  • Petráš, Ivo

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.

Suggested Citation

  • Škovránek, Tomáš & Podlubny, Igor & Petráš, Ivo, 2012. "Modeling of the national economies in state-space: A fractional calculus approach," Economic Modelling, Elsevier, vol. 29(4), pages 1322-1327.
    • Handle: RePEc:eee:ecmode:v:29:y:2012:i:4:p:1322-1327
    DOI: 10.1016/j.econmod.2012.03.019
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    Cited by:

    1. Tomas Skovranek, 2016. "The Mittag-Leffler Fitting of the Phillips Curve," Papers 1604.00369, arXiv.org, revised Sep 2019.
    2. Lu, Qinyun & Zhu, Yuanguo, 2021. "LQ optimal control of fractional-order discrete-time uncertain systems," Chaos, Solitons & Fractals, Elsevier, vol. 147(C).
    3. Ertuğrul Karaçuha & Vasil Tabatadze & Kamil Karaçuha & Nisa Özge Önal & Esra Ergün, 2020. "Deep Assessment Methodology Using Fractional Calculus on Mathematical Modeling and Prediction of Gross Domestic Product per Capita of Countries," Mathematics, MDPI, vol. 8(4), pages 1-18, April.
    4. Hao Ming & JinRong Wang & Michal Fečkan, 2019. "The Application of Fractional Calculus in Chinese Economic Growth Models," Mathematics, MDPI, vol. 7(8), pages 1-6, July.
    5. Tomas Skovranek, 2019. "The Mittag-Leffler Fitting of the Phillips Curve," Mathematics, MDPI, vol. 7(7), pages 1-11, July.
    6. José A. Tenreiro Machado & Maria Eugénia Mata & António M. Lopes, 2020. "Fractional Dynamics and Pseudo-Phase Space of Country Economic Processes," Mathematics, MDPI, vol. 8(1), pages 1-17, January.
    7. Svenkeson, A. & Beig, M.T. & Turalska, M. & West, B.J. & Grigolini, P., 2013. "Fractional trajectories: Decorrelation versus friction," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(22), pages 5663-5672.
    8. Chen, Shu-Bo & Jahanshahi, Hadi & Alhadji Abba, Oumate & Solís-Pérez, J.E. & Bekiros, Stelios & Gómez-Aguilar, J.F. & Yousefpour, Amin & Chu, Yu-Ming, 2020. "The effect of market confidence on a financial system from the perspective of fractional calculus: Numerical investigation and circuit realization," Chaos, Solitons & Fractals, Elsevier, vol. 140(C).
    9. Ali Balcı, Mehmet, 2017. "Time fractional capital-induced labor migration model," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 477(C), pages 91-98.
    10. Gheorghe Moza & Oana Brandibur & Ariana Găină, 2023. "Dynamics of a Four-Dimensional Economic Model," Mathematics, MDPI, vol. 11(4), pages 1-15, February.
    11. Vasily E. Tarasov, 2019. "On History of Mathematical Economics: Application of Fractional Calculus," Mathematics, MDPI, vol. 7(6), pages 1-28, June.
    12. Gani Stamov & Ivanka Stamova, 2019. "Impulsive Delayed Lasota–Wazewska Fractional Models: Global Stability of Integral Manifolds," Mathematics, MDPI, vol. 7(11), pages 1-15, October.
    13. Valentina V. Tarasova & Vasily E. Tarasov, 2017. "Concept of dynamic memory in economics," Papers 1712.09088, arXiv.org.
    14. Valentina V. Tarasova & Vasily E. Tarasov, 2017. "Logistic map with memory from economic model," Papers 1712.09092, arXiv.org.
    15. Tarasova, Valentina V. & Tarasov, Vasily E., 2017. "Logistic map with memory from economic model," Chaos, Solitons & Fractals, Elsevier, vol. 95(C), pages 84-91.
    16. Benito Chen-Charpentier & Gilberto González-Parra & Abraham J. Arenas, 2016. "Fractional Order Financial Models for Awareness and Trial Advertising Decisions," Computational Economics, Springer;Society for Computational Economics, vol. 48(4), pages 555-568, December.
    17. Michal Fečkan & JinRong Wang, 2017. "Mixed Order Fractional Differential Equations," Mathematics, MDPI, vol. 5(4), pages 1-9, November.
    18. Llibre, Jaume & Valls, Clàudia, 2018. "On the global dynamics of a finance model," Chaos, Solitons & Fractals, Elsevier, vol. 106(C), pages 1-4.
    19. Inés Tejado & Emiliano Pérez & Duarte Valério, 2020. "Fractional Derivatives for Economic Growth Modelling of the Group of Twenty: Application to Prediction," Mathematics, MDPI, vol. 8(1), pages 1-21, January.
    20. Jong, KumSong & Choi, HuiChol & Kim, MunChol & Kim, KwangHyok & Jo, SinHyok & Ri, Ok, 2021. "On the solvability and approximate solution of a one-dimensional singular problem for a p-Laplacian fractional differential equation," Chaos, Solitons & Fractals, Elsevier, vol. 147(C).

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