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Journal of Money & Economy


(رتبه علمی-پژوهشی)

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:: year 3, Issue 7 (spring 2011) ::
JMBR 2011, 3(7): 1-40 Back to browse issues page
Effectiveness of Stimulating Nominal Demand Policies in Economy of Iran (The Short-run slope of the Phillips Curve in Iran)
Masoud Nili *1, Seyed Mahdi Barakchian, Keyvan Eslami
Abstract:   (5185 Views)

 The main purpose of this study is to provide an estimate of the short-run slope of the Phillips curve in Iran. The subject is important، first، because، it reveals the relation between the real and the nominal sectors of the economy، and second، because، it has crucial policy implications. We especially investigate whether this relationship has been changed during the last five decades following the changes in economic and structure environment. Our findings indicate a strong relationship between the real output and the nominal demand before 1972. This connection، however، starts weakening after 1973، and almost diminishes after 1992. Moreover، our observations reveal that the main element in the decline of the trade-off parameter، in the beginning of the 70’s، was imperfect information، whereas the mechanism of the price stickiness used to play an influential role in the sharp decrease of the Phillips curve slope in the early 90’s.

JEL Classification: E13, E12, E24, E52, E32

Keywords: Incomplete Information, Price Stickiness, Menu Costs, Phillips Curve, Structural Break, Business Cycle Persistence
Full-Text [PDF 477 kb]   (2170 Downloads)    
Type of Study: Empirical Study |
Received: 2014/08/4 | Accepted: 2014/08/4 | Published: 2014/08/4
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year 3, Issue 7 (spring 2011) Back to browse issues page
فصلنامه پژوهش‌های پولی-بانکی Journal of Monetary & Banking Research
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