Stable Solutions to Homogeneous Difference : Differential Equations with Constant Coefficients


Krtscha, Manfred ; Kalckreuth, Ulf von


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URL: https://ub-madoc.bib.uni-mannheim.de/1003
URN: urn:nbn:de:bsz:180-madoc-10038
Document Type: Working paper
Year of publication: 2002
The title of a journal, publication series: Discussion Papers / Institut für Volkswirtschaftslehre und Statistik ; Department of Economics, Universität Mannheim
Volume: 608
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Institut für Volkswirtschaftslehre und Statistik > Discussion Papers
Subject: 330 Economics
Classification: JEL: E50 C61 ,
Subject headings (SWD): Wirtschaftliche Stabilität , System , Geldtheorie
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.
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Krtscha, Manfred ; Kalckreuth, Ulf von (2002) Stable Solutions to Homogeneous Difference : Differential Equations with Constant Coefficients. Open Access Discussion Papers / Institut für Volkswirtschaftslehre und Statistik ; Department of Economics, Universität Mannheim Mannheim 608 [Working paper]
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