Hopf bifurcation in an open monetary economic system: Taylor versus inflation targeting rules

• Main Authors: Mohseni, Reza Moosavi, Kilicman, Adem
• Format: Article
• Language: English
• Published: Elsevier 2014
• Online Access: http://psasir.upm.edu.my/id/eprint/37880/1/Hopf%20bifurcation%20in%20an%20open%20monetary%20economic%20system.pdf; http://psasir.upm.edu.my/id/eprint/37880/; http://www.sciencedirect.com/science/article/pii/S0960077914000058

The main aim of the present work is to detect the Hopf bifurcation in policy relevant economic dynamical system. The study employs two deferent forms of monetary policy rules namely: Taylor rule and inflation targeting rule. The results show that there exists Hopf bifurcation between policy relevant...