Duration: 3 hours per week - 13 weeks [ECTS: 6]

Course outline

1. The basics of Economic Dynamics
2. Continuous Dynamic Systems: Definitions, Linear Differential Equations of 1st order, Phase space
3. Homogeneous linear differential equations of 2nd order
4. Discrete Dynamic Systems: Definitions, Initial Value problems, the cobweb model, equilibrium and stability, Solving 1st order difference equations
5. Solving 2nd order difference equations, the logistic equation
6. Systems of 1st order differential equations: Definitions, the phase plane, fixed points and stability, Matrix specification of autonomous systems, solving the homogeneous differential equation system,
nodes-spirals and saddles