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info:eu-repo/semantics/altIdentifier/arxiv/2002.07479
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1017/S1365100519001032
info:eu-repo/semantics/OpenAccess
Jean-Bernard Chatelain et al., « Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy », HAL-SHS : économie et finance, ID : 10.1017/S1365100519001032
This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf bifurcation with opposite policy advice and a change of the dynamic properties. This bifurcation occurs because of the ad hoc assumption that interest rate is a forward-looking variable when policy targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory.