Mathematics for dynamic economic models
Abstract
Mathematics for economic dynamic models is a chapter of key importance for the whole book, and it concludes the section dedicated to the fundamental mathematics for the economic analysis. Within the dynamic analysis the dimension of time is added, and the dependent variables are analyzed considering how they evolve over time and whether they converge to a stationary value (the equilibrium value) or not, as time increases. Both the differential equations and the difference equations are used, depending if we work in a continuous or discrete framework, together with the systems. This chapter is a prerequisite to understand the dynamic optimization section, to which this chapter ...
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