Harrod-Domar growth model with memory and distributed lag (Q2306128)

Summary: In this paper, we propose a macroeconomic growth model, in which we take into account memory with power-law fading and gamma distributed lag. This model is a generalization of the standard Harrod-Domar growth model. Fractional differential equations of this generalized model with memory and lag are suggested. For these equations, we obtain solutions, which describe the macroeconomic growth of national income with fading memory and distributed time-delay. The asymptotic behavior of these solutions is described.