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- handle: 10670/1.75p53c
- halshs: halshs-01549929
- doi: 10.2139/ssrn.2971227
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info:eu-repo/semantics/altIdentifier/doi/10.2139/ssrn.2971227
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Mots-clés
Bifurcations Taylor rule Taylor principle new-Keynesian model Ramsey optimal policy C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E43 - Interest Rates: Determination, Term Structure, and Effects E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E47 - Forecasting and Simulation: Models and Applications E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their PoliciesSujets proches
Monetary management Interest and usuryCiter ce document
Jean-Bernard Chatelain et al., « Hopf Bifurcation from New-Keynesian Taylor Rule to Ramsey Optimal Policy », HAL-SHS : économie et finance, ID : 10.2139/ssrn.2971227
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Résumé
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-feed back mechanism) to a Taylor rule (based on a positive-feed back mechanism) corresponds to a Hopfbifurcation 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 out put gap) a reforward-looking variables in the new-Keynesian theory.