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Stable Solutions to Homogeneous Difference : Differential Equations with Constant Coefficients

Author

Listed:
  • Krtscha, Manfred
  • Kalckreuth, Ulf von

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 equations 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 equation with constant coefficients and advancing arguments. We will also demonstrate the applicability of our concepts to economic modelling.

Suggested Citation

  • Krtscha, Manfred & Kalckreuth, Ulf von, 2002. "Stable Solutions to Homogeneous Difference : Differential Equations with Constant Coefficients," Discussion Papers 608, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  • Handle: RePEc:mnh:vpaper:1003
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    File URL: https://madoc.bib.uni-mannheim.de/1003/1/608.pdf
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    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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