Stochastic, fuzzy and hybrid monetary models with delay

Authors:
G. Mircea;M. Pirtea;M. Neamtu;D. Opris
Affiliations:
Department of Economic Informatics and Statistics, West University of Timişoara, Timişoara, Romania;Department of Finance, West University of Timişoara, Timişoara, Romania;Department of Economic Informatics and Statistics, West University of Timişoara, Timişoara, Romania;Department of Applied Mathematics, West University of Timişoara, Timişoara, Romania
Venue:
WSEAS Transactions on Mathematics
Year:
2010

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Abstract

This paper addresses an autonomous stochastic system with delay and associated fuzzy and hybrid models, which describe a monetary system involving interest rate, investment demand and price index. We analyze the deterministic model and the stochastic model with perturbation. For the stochastic system with delay we identify the differential equations for the mean values as well as for the mean square value. The last part of the paper includes numerical simulations and conclusions.