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Stability analysis in economic dynamics: A computational approach

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  • Halkos, George
  • Tsilika, Kyriaki

Abstract

Modern microeconomics and macroeconomics study dynamic phenomena. Dynamics could predict future states of an economy based on its structural characteristics. Economic dynamics are modeled in discrete and continuous time context, mainly via autonomous difference and differential equations. In this study, we use Xcas and Mathematica as software tools, in order to generate results concerning the dynamic properties of the solutions of the difference and differential equation(s) models and determine whether an economic equilibrium exists. Our computational approach does not require solving the difference or differential equation(s) and makes no assumptions for initial conditions. The results provide quantitative information based on the qualitative properties of the mathematical solutions. The computer codes are fully presented and can be reproduced as they are in computational-based research practice and education. The relevant output of CAS software is created in a way as to be interpreted without the knowledge of advanced mathematics.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41371.

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Date of creation: Jul 2012
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Handle: RePEc:pra:mprapa:41371

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Keywords: Stability conditions; software tools; economic equilibrium;

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References

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  1. Halkos, George & Papageorgiou, George, 2008. "Extraction of non-renewable resources: a differential game approach," MPRA Paper 37596, University Library of Munich, Germany.
  2. Halkos, George, 2010. "Dynamic optimization in natural resources management," MPRA Paper 24744, University Library of Munich, Germany.
  3. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-11, July.
  4. Champsaur, Paul & Dreze, Jacques H & Henry, Claude, 1977. "Stability Theorems with Economic Applications," Econometrica, Econometric Society, vol. 45(2), pages 273-94, March.
  5. Orlando Gomes, 2012. "Transitional Dynamics in Sticky-Information General Equilibrium Models," Computational Economics, Society for Computational Economics, vol. 39(4), pages 387-407, April.
  6. Halkos, George, 2011. "Cyclical and constant strategies in renewable resources extraction," MPRA Paper 34654, University Library of Munich, Germany.
  7. Folsom, Roger Nils & Boger, Dan C & Mullikin, Harry C, 1976. "Stability Conditions for Linear Constant Coefficient Difference Equations in Generalized Differenced Form," Econometrica, Econometric Society, vol. 44(3), pages 575-91, May.
  8. Marco Ratto, 2008. "Analysing DSGE Models with Global Sensitivity Analysis," Computational Economics, Society for Computational Economics, vol. 31(2), pages 115-139, March.
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Cited by:
  1. Halkos, George & Tsilika, Kyriaki, 2012. "Constructing a Generator of Matrices with Pattern," MPRA Paper 43614, University Library of Munich, Germany.
  2. Halkos, George & Tsilika, Kyriaki, 2012. "Programming identification criteria in simultaneous equation models," MPRA Paper 43467, University Library of Munich, Germany.

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