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Pré-Publication, Document De Travail Année : 2018

Hopf Bifurcation from New-Keynesian Taylor Rule to Ramsey Optimal Policy

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.
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Dates et versions

halshs-01549929 , version 1 (29-06-2017)
halshs-01549929 , version 2 (20-04-2018)
halshs-01549929 , version 3 (19-02-2020)

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Jean-Bernard Chatelain, Kirsten Ralf. Hopf Bifurcation from New-Keynesian Taylor Rule to Ramsey Optimal Policy. 2018. ⟨halshs-01549929v2⟩
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