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Chapter 9 Stability of Growth Models with Generalized Lag Structures

Economic Growth and Development

ISBN: 978-1-78052-396-5, eISBN: 978-1-78052-397-2

Publication date: 1 November 2011


This chapter 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 analyze models with generalized lag structures. The stability and asymptotic stability of two growth models with generalized lag structures are analyzed. The chapter's penultimate section includes a speculative discussion of time-varying parameters.



George, D.A.R. (2011), "Chapter 9 Stability of Growth Models with Generalized Lag Structures", de La Grandville, O. (Ed.) Economic Growth and Development (Frontiers of Economics and Globalization, Vol. 11), Emerald Group Publishing Limited, Bingley, pp. 247-260.



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