Mustafa Bayram, Anil Burcu Ozyurt Serim

110137

Bifurcation theory of flexible exchange rates in the new Keynesian model: An Application

Bifurcation theory of flexible exchange rates in the new Keynesian model: An Application

Formerly, the fixed exchange rate was identified as the main policy in economy, but in time it has been proved that the applicability of this policy in economy is not possible. With the new Keynesian approach, this situation has led to the formation  and development of new monetary policies. The Keynesian model monetary policy in this article has been based on the flexible exchange rate. By applying the bifurcation theory on monetary policy parameters the interrelations among the inflation target value, the output gap and the equilibrium real interest rate were examined.
Keywords:

Bifurcation, Hopf bifurcation new-Keynesian macroeconometrics, stability.,

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  • Asada, T., 2006. Stabilization policy in a Keynes-Goodwin model with debt accumulation. Structural Change and Economic Dynamics 17, 466-485.
  • Barnett, W.A., He, Y., 1999.Stability analysis of continuous time macroeconometricsystems. Studies in Nonlinear Dynamics and Econometrics 3 (4), 169-188.
Communication in Mathematical Modeling and Applications-Cover
  • Başlangıç: 2016
  • Yayıncı: Mustafa BAYRAM
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