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Journal of Money & Economy

AWT IMAGE

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:: year 6, Issue 14 (winter 2013) ::
JMBR 2013, 6(14): 111-132 Back to browse issues page
Evaluation of Effects of Monetary Policy on Iranian Economy In a Monetary Business Cycle Framework
Sayyed Fakhrodin Fakhrhosseini *
Abstract:   (3916 Views)

The Dynamic Stochastic General Equilibrium (DSGE) model has developed the bases for macroeconomic policies. The main aim in this research has been to introduce a DSGE model corresponding to the developing economy of Iran and then to evaluate the effects of monetary policy in the framework of business cycles. The data in this article are related to the fixed prices in the year 2004 and run annually from 1966 to 2008 on a per capita basis. Thus, we have developed a DSGE model for Iran and we have seen that the shock of monetary growth rate increases inflation and its effect on the real variables such output and employment is very low in Iran. In other words, the money is neutral in a non-sticky price framework. Moreover, oil revenue shocks injected through monetary channel will increase inflation (nearly 0.6 percent deviation from the steady state). Otherwise, the net assets of the central bank will not change and the inflation will raise a little.

JEL Classification Codes: E31, E32, E52

Keywords: Dynamic Stochastic General Equilibrium, Monetary policy, Business cycles, Inflation, Iran
Full-Text [PDF 1025 kb]   (2447 Downloads)    
Type of Study: Empirical Study |
Received: 2014/08/9 | Accepted: 2014/08/9 | Published: 2014/08/9
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year 6, Issue 14 (winter 2013) Back to browse issues page
فصلنامه پژوهش‌های پولی-بانکی Journal of Monetary & Banking Research
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