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monotonic stability at one extreme to chaos at the other extreme, and with all forms of multiperiodic dynamics between. But …
Persistent link: https://www.econbiz.de/10005057401
. We examine the stability properties of both versions of the model and locate Hopf and transcritical bifurcation … monotonic stability to damped periodic stability or from damped periodic to damped multiperiodic stability. There are not only … an infinite number of kinds of unstable dynamics, some very close to stability in appearance, but also an infinite number …
Persistent link: https://www.econbiz.de/10010661472
We explore bifurcation phenomena in the open-economy New Keynesian model developed by Gali and Monacelli (2005). We find that the open economy framework brings about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters related to...
Persistent link: https://www.econbiz.de/10010561578
We explore bifurcation phenomena in the open-economy New Keynesian model developed by Clarida, Gali and Gertler (2002). We find that the open economy framework can bring about more complex dynamics, along with a wider variety of qualitative behaviors and policy responses. Introducing parameters...
Persistent link: https://www.econbiz.de/10010562402
stabilization policy rules. In this paper, we further examine the stability properties and bifurcation boundaries of the UK … continuous time macroeconometric models by analyzing the stability of the model along center manifolds. The results of this paper … cannot reject the null hypothesis of stability, despite the fact that the point estimates are in the unstable region. However …
Persistent link: https://www.econbiz.de/10010568026
that policies that would produce successful bifurcation to stability are very complicated. We also find that less …
Persistent link: https://www.econbiz.de/10010900174
kind of stable dynamics domain from another kind (called soft bifurcation), such as bifurcation from monotonic stability to … damped periodic stability or from damped periodic to damped multiperiodic stability. There are not only an infinite number of … kinds of unstable dynamics, some very close to stability in appearance, but also an infinite number of kinds of stable …
Persistent link: https://www.econbiz.de/10010697308