A macroeconomic mathematical model for the national income of a union of countries with interaction and trade

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Title: A macroeconomic mathematical model for the national income of a union of countries with interaction and trade
Authors: Dassios, Ioannis K.
Devine, Mel T.
Permanent link: http://hdl.handle.net/10197/10646
Date: 8-Jun-2016
Online since: 2019-05-23T13:48:59Z
Abstract: In this article, we assume a union of countries where each national economy interacts with the others. We propose a new model where (a) delayed variables are incorporated into the system of equations and (b) the interaction element is restricted into the annual governmental expenditure that is determined according to the experience of the total system and the trade relations of these countries (exports–imports). In addition, we consider the equilibrium(s) of the model (a discrete-time system) and study properties for stability, the appropriate control actions as well as the total system design in order to obtain a stable situation. Finally, a practical application is also investigated that provides further insight and better understanding as regards the system design and produced business cycles.
Funding Details: Science Foundation Ireland
Type of material: Journal Article
Publisher: Springer Nature
Journal: Journal of Economic Structures
Volume: 5
Issue: 18
Start page: 1
End page: 15
Copyright (published version): 2016 the Authors
Keywords: National economyNetworkDifference equationsStabilityControlTrade
DOI: 10.1186/s40008-016-0049-4
Language: en
Status of Item: Peer reviewed
Appears in Collections:Electrical and Electronic Engineering Research Collection

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