Published Online: Jun 19, 2018
Page range: 25 - 36
Received: Jun 01, 2017
DOI: https://doi.org/10.2478/jamsi-2018-0003
Keywords
© 2018 Faculty of Natural Sciences, University of Saint Cyril and Metodius, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.
In this work, we apply fractional calculus to analyze a class of economic growth modelling (EGM) of the Spanish economy. More precisely, the Grünwald-Letnnikov and Caputo derivatives are used to simulate GDP by replacing the previous integer order derivatives with the help of Matlab, SPSS and R software. As a result, we find that the data raised from the Caputo derivative are better than the data raised from the Grünwald-Letnnikov derivative. We improve the previous result in [12].