Stability of Growth Models with Generalised Lag Structures
AbstractThis 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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Bibliographic InfoPaper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 205.
Date of creation: 20 Jun 2011
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-02 (All new papers)
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