Hopf bifurcation in the Clarida, Gali, and Gertler model

► We investigate Hopf bifurcation in an open-economy New Keynesian model. ► We use a model from Walsh (2003) which is based on CGG (2001, 2002). ► Open economy parameters affect the value and boundary of bifurcation parameter. ► Stratification of the confidence region is a key monetary policy risk. ► Our results are consistent with prior results from other New Keynesian models.