## Introduction to Dynamic Economic ModelsThis work is about dynamics - about how the economy adjusts overtime. Its focus is on economic analysis rather than mathematics, so unlike many other books in the filed which treat mathematics as the core and choose economic examples to suit the requirements of the maths, it keeps the focus on the economics, treating mathematics as a tool of economic analysis. |

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### Contents

Contents | 1 |

DIFFERENTIAL EQUATIONS | 15 |

SECOND ORDER DIFFERENTIAL EQUATIONS | 59 |

Copyright | |

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### Common terms and phrases

adjustment agents analysis assumed assumption behaviour biomass capital stock coefficients consider constant constraint consumption control theory control variable converge costate cyclical derived Det(A determine discounting discussion domestic currency equal equation of motion equilibrium point equilibrium value example expression extraction finite first-order fish gives Hamiltonian harvest homogeneous form horizon problem horizontal axis Hotelling's rule income increase infinite horizon initial value instant interest rate intertemporal investment involves Ito's Lemma jump Lagrangian linear LM curve loci marginal utility matrix means money market move negative non-homogeneous non-stochastic nonlinear objective function optimal control optimal path optimization problem order differential equations output particular solution period phase arrows phase diagram phase trajectory Poisson process positive profit maximizing rational expectations reaches resource result rise roots saddlepoint second order shadow price shift shows slope solve stable branch stable equilibrium stable manifold stationary locus stochastic transversality conditions uncertainty unstable Wiener process ye(t zero