Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
-feedback mechanism) to a Taylor rule (based on positive-feedback mechanism) in the new-Keynesian model is in fact a Hopf bifurcation … including the interest rate and its lag as policy instruments for Ramsey optimal policy. With a new-Keynesian Taylor rule … output gap) are forward-looking variables. For new-Keynesian Taylor rule, this Hopf bifurcation implies a lack of robustness …