Mankiw–Romer–Weil model with a delay

This paper study the effects of investment delay on the dynamics of economic growth. We consider the modified Mankiw--Romer-Weil model in the form of a two-dimensional dynamical system with a time delay both in the production and depreciation. To analyse the solutions of the model we use one of the special functions, the Lambert W function. The analytical and numerical methods are used to study the local stability of stationary solution. We find that the MRW model with production and depreciation delays exhibit cyclic behaviour. The curves of stability change are determined with respect to model parameters.