Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy
Paris School of Economics; Inseec U. Research Center ESCE
Standard New-Keynesian model with household intertemporal optimization, New-Keynesian Phillips curve, and comparison of Ramsey optimal policy versus Taylor rule
monopolistic competition with Calvo price setting
Table 2 p.2210
Ramsey optimal policy with inﬂation nutter preferences (μπ=1, μx=0, μi=10^-7)
First row of Table 2 representing baseline Ramsey optimal policy case