Bifurcation Analysis of New Keynesian Functional Structure
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Описание:
This work studies the class of new Keynesian models. We are looking at stability properties and conducting a bifurcation analysis. Bifurcation analysis is often overlooked while examining the properties of the model. Bifurcation is a qualitative change in the nature of a solution that occurs due to change of the parameter value. For example stable system can become unstable. The parameter space of most dynamic models is stratified into subsets, each of which supports a different kind of dynamic solution. Since we do not know the parameters with certainty,knowledge of the location of the bifurcation boundaries is of fundamental importance. Without it there is no way to know whether the confidence region about the parameters’ point estimates might be crossed by such a boundary, thereby stratifying the confidence region itself and damaging inferences about dynamics.Central results in this work are the theorems on the existence and location of Hopf bifurcation boundaries.We also solve...Похожие книги
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