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Stable Solutions to Homogeneous Difference-Differential Equations with Constant Coefficients

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Author Info
Krtscha, Manfred
v. Kalckreuth, Ulf (Institut für Volkswirtschaft und Statistik (IVS))

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Abstract

In economic reality, reactions to external shocks often come with a delay. On the other hand, agents try to anticipate future developments. Both can lead to difference-differential equtaions with an advancing argument. These are more difficult to handle than either difference or differential equations, but they have the merit of added realism and increased credibility. We present a general method for determining the stability of any solution to a homogeneous linear difference-differential equtaion with constant coefficients and advancing arguments. We will also demonstrate the applicability of our concepts to economic modelling.

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Publisher Info
Paper provided by Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim in its series IVS discussion paper series with number 608.

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Handle: RePEc:mea:ivswpa:608

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Postal: Institut für Volkswirtschaft und Statistik, L7, 3-5, Room 408, University of Mannheim, 68131 Mannheim
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C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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