Monetary policy rules: an approach based on the theory of chaos control

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Chaparro Guevara, Graciela and Escot Mangas, Lorenzo (2022) Monetary policy rules: an approach based on the theory of chaos control. Results in control and optimization, 4 . ISSN 2666-7207

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Official URL: https://doi.org/10.1016/j.rico.2021.100038




Abstract

This article explores the relationship between Taylor rules for monetary policy and those derived from chaos control methods. A similar structure of both rule types would theoretically support the stabilizing role of the Taylor rule for the control of inflation, which until now has been based on an empirical framework. This link between monetary policy and chaos control rules is illustrated using the OGY method of chaos control, resulting in a control rule that is applied to a monetary model that presents chaotic solutions and becomes stable at an objective equilibrium point with a stable inflation rate.


Item Type:Article
Uncontrolled Keywords:Stabilization, Chaos control, OGY method, Monetary policy, Taylor rule
Palabras clave (otros idiomas):Política monetaria
Subjects:Sciences > Statistics
ID Code:67632
Deposited On:03 Sep 2021 10:55
Last Modified:06 Sep 2021 09:03

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