Economic Dynamics with Memory: Fractional Calculus Approach

Description

This book presents the applications of fractional calculus, fractional operators of non-integer orders and fractional differential equations in describing economic dynamics with long memory. Generalizations of basic economic concepts, notions and methods for the economic processes with memory are suggested. New micro and macroeconomic models with continuous time are proposed to describe the fractional economic dynamics with long memory as well. Presents the applications of modern fractional calculus in the dynamics of economic processes with long memory Discusses new micro and macroeconomic models with continuous time Multi-disciplinary topics suited for wide readership Preface Contents Introduction: economics with memory Part I: Concept of memory 1 Concept of memory in economics Part II: Concepts of economics with memory 2 Concepts of marginal values with memory 3 Marginal values of noninteger order in economic analysis 4 Deterministic factor analysis of processes with memory 5 Elasticity for processes with memory 6 Multiplier for processes with memory 7 Accelerator for processes with memory 8 Duality of multipliers and accelerators with memory Part III: Linear models of economics with memory 9 Model of natural growth with memory 10 Model of growth with constant pace and memory 11 Harrod–Domar growth model with memory 12 Dynamic intersectoral Leontief models with memory 13 Market price dynamics with memory effects 14 Cagan model of inflation with memory Part IV: Nonlinear models of economics with memory 15 Model of logistic growth with memory 16 Kaldor-type model of business cycles with memory 17 Solow models with power-law memory 18 Lucas model of learning with memory 19 Self-organization of processes with memory Part V: Advanced models: distributed lag and memory 20 Multipliers and accelerators with lag and memory 21 Harrod–Domar model with memory and distributed lag 22 Dynamic Keynesian model with memory and lag 23 Phillips model with distributed lag and memory Part VI: Advanced models: discrete time approach 24 Discrete accelerator with memory 25 Comparison of discrete and continuous accelerators 26 Exact discrete accelerator and multiplier with memory 27 Logistic map with memory from economic model Part VII: Advanced models: generalized memory 28 Economics model with generalized memory Part VIII: Instead of conclusion 29 Fractional calculus in economics and finance 30 Future directions of economics with memory Bibliography Index