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Stability of Growth Models with Generalised Lag Structures

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    Abstract

    This paper considers the lag structures of dynamic models in economics, arguing that the standard approach is too simple to capture the complexity of actual lag structures arising, for example, from production and investment decisions. It is argued that recent (1990s) developments in the the theory of functional differential equations provide a means to analyse models with generalised lag structures. The stability and asymptotic stability of two growth models with generalised lag structures are analysed. The paper concludes with some speculative discussion of time-varying parameters.

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    File URL: http://www.econ.ed.ac.uk/papers/Donald_GeorgeMay2011.pdf
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    Paper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 205.

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    Length: 19
    Date of creation: 20 Jun 2011
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    Handle: RePEc:edn:esedps:205

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    1. Dajin Li, 2002. "Is the AK model still alive? The long-run relation between growth and investment re-examined," Canadian Journal of Economics, Canadian Economics Association, vol. 35(1), pages 92-114, February.
    2. Saman Majd & Robert S. Pindyck, 1985. "Time to Build, Option Value, and Investment Decisions," NBER Working Papers 1654, National Bureau of Economic Research, Inc.
    3. Pindyck, Robert S., 1990. "Irreversibility, uncertainty, and investment," Working papers 3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    4. Donald A. R. George & Les Oxley & Ken Carlaw, 2003. "Economic Growth in Transition," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 227-237, 07.
    5. Tiago Neves Sequeira, 2008. "Transitional Dynamics Of An Endogenous Growth Model With An Erosion Effect," Manchester School, University of Manchester, vol. 76(4), pages 436-452, 07.
    6. William C. Wheaton, 1987. "The Cyclic Behavior of the National Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(4), pages 281-299.
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