Long Cycles Versus Time Delays in a Modified Solow Growth Model

Borges, Maria João; Fabião, Fátima; Teixeira, João

doi:10.1007/978-3-030-53536-0_25

Cited by 2 publications

(2 citation statements)

References 13 publications

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“…Expanding the two leading terms in Boyko et [25] use least squares linear regression to determine the values of the coefficients at which the production functions of Cobb-Douglas in Solow's growth model provide the best fit for available statistical data. Borges et al [26] examine the dynamics of Solow's economic growth model assuming that the labour force growth rate function is a solution of a delay differential equation thereby avoiding the use of exponential growth, Lt ðÞ¼L 0 e nt , often criticized as a rather unrealistic choice. Their approach is motivated by the fact that there are delays in entering and retiring an individual from the labour force, relative to their birth date.…”

Section: Goodwinmentioning

confidence: 99%

On Some Important Ordinary Differential Equations of Dynamic Economics

Tsoularis¹

2021

Recent Developments in the Solution of Nonlinear Differential Equations

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Mathematical modeling in economics became central to economic theory during the decade of the Second World War. The leading figure in that period was Paul Anthony Samuelson whose 1947 book, Foundations of Economic Analysis, formalized the problem of dynamic analysis in economics. In this brief chapter some seminal applications of differential equations in economic growth, capital and business trade cycles are outlined in deterministic setting. Chaos and bifurcations in economic dynamics are not considered. Explicit analytical solutions are presented only in relatively straightforward cases and in more complicated cases a path to the solution is outlined. Differential equations in modern dynamic economic modeling are extensions and modifications of these classical works. Finally we would like to stress that the differential equations presented in this chapter are of the “stand-alone” type in that they were solely introduced to model economic growth and trade cycles. Partial differential equations such as those which arise in related fields, like Bioeconomics and Differential Games, from optimizing the Hamiltonian of the problem, and stochastic differential equations of Finance and Macroeconomics are not considered here.

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Section: Goodwinmentioning

confidence: 99%

On Some Important Ordinary Differential Equations of Dynamic Economics

Tsoularis¹

2021

Recent Developments in the Solution of Nonlinear Differential Equations

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“…Furthermore, foreign direct investments (FDI) will not be used explicitly as an independent variable or, in other words, substitute for a standard input in the neoclassical growth models, such as labor and capital [8], but as a stand-alone control variable to evaluate how GDP growth rates will be affected by FDI inflows in relation to the correlation matrix with other explanatory variables.…”

Section: Introductionmentioning

confidence: 99%

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

Halilbegović,

Pekmez,

Rehman

2023

Sustainability

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As the fourth industrial revolution drives innovation and economic growth, the energy sector is increasingly recognized for its significant economic contribution. This research aims to investigate the relationship between economic growth and renewable and non-renewable energy consumption in nine southeastern European countries using panel estimation techniques and causal inference. This research employs a unique approach to modeling the energy–growth nexus, incorporating interaction terms to better understand the impact of renewable energy on real GDP growth. The findings are a valuable addendum to the current body of research on the effects of renewable energy consumption on economic growth, and the results contribute to narrowing the empirical research gap in the econometrical field of panel data estimation and endogeneity. This study uses the fully modified OLS (FMOLS) technique for heterogeneous panels to estimate coefficients, while the error correction model (ECM) is used to estimate the cointegration vector between energy variables and GDP. The non-causality test by Dumitrescu and Hurlin (2012) evaluates the causation between energy variables and economic output. Empirical findings indicate that both renewable and non-renewable energy consumption positively affect economic growth. The outcomes of this study hold significant policy ramifications in terms of prioritizing reformation and investment towards specific sectors to foster capital infusion into renewable energy and energy efficiency projects and initiatives, consequently advancing sustainable economic growth.

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Long Cycles Versus Time Delays in a Modified Solow Growth Model

Cited by 2 publications

References 13 publications

On Some Important Ordinary Differential Equations of Dynamic Economics

On Some Important Ordinary Differential Equations of Dynamic Economics

Modeling the Nexus of Renewable and Non-Renewable Energy Consumption and Economic Progress in Southeastern Europe: A Panel Data Analysis

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