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Harrod–Domar Growth Model with Memory and Distributed Lag

1
Skobeltsyn Institute of Nuclear Physics, Lomonosov Moscow State University, Moscow 119991, Russia
2
Faculty of Economics, Lomonosov Moscow State University, Moscow 119991, Russia
3
Yandex, Ulitsa Lva Tolstogo 16, Moscow 119021, Russia
*
Author to whom correspondence should be addressed.
Received: 6 December 2018 / Revised: 9 January 2019 / Accepted: 11 January 2019 / Published: 15 January 2019
(This article belongs to the Special Issue Fractional Differential Equations)
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Abstract

In this paper, we propose a macroeconomic growth model, in which we take into account memory with power-law fading and gamma distributed lag. This model is a generalization of the standard Harrod–Domar growth model. Fractional differential equations of this generalized model with memory and lag are suggested. For these equations, we obtain solutions, which describe the macroeconomic growth of national income with fading memory and distributed time-delay. The asymptotic behavior of these solutions is described. View Full-Text
Keywords: fractional differential equations; fractional derivative; time delay; distributed lag; gamma distribution; macroeconomics; Harrod–Domar model fractional differential equations; fractional derivative; time delay; distributed lag; gamma distribution; macroeconomics; Harrod–Domar model
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
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Tarasov, V.E.; Tarasova, V.V. Harrod–Domar Growth Model with Memory and Distributed Lag. Axioms 2019, 8, 9.

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