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...

This paper analyzes the dynamics of a variant of Jones (2002) semi-endogenous growth model within the feasible parameter space. We derive the long run growth rate of the economy and do a detailed bifurcation analysis of the equilibrium. We show the existence of codimension-1 bifurcations (Hopf,...

The macroeconomic concept of "stabilization policy" implicitly assumes that the macroeconomy is unstable without imposition of a policy. Hence selection of a "stabilization policy" can be viewed as selection of a policy to bifurcate the system from an unstable to a stable operating regime. The...

There has been increasing interest in continuous-time macroeconometric models. This research investigates stability of the Bergstrom, Nowman, and Wymer continuous-time model of the U.K. when system parameters change. This particularly well-regarded continuous-time macroeconometric model is...

There has been increasing interest in continuous-time macroeconometric models. This research investigates stability of the Bergstrom, Nowman, and Wymer continuous-time model of the U.K. when system parameters change. This particularly well-regarded continuous-time macroeconometric model is...

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...

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...