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:: year 4, Issue 12 (summer 2012) ::
JMBR 2012, 4(12): 101-126 Back to browse issues page
Optimal Monetary Policy in Iran
Reza Boostani *
Abstract:   (3666 Views)

Since the economy of Iran  has the features of a small and open economy, a model is developed with these features in this paper. The model is based on micro optimization, and the prices are staggered. Then the model is calibrated to Iran data. The calibrated model is utilized to evaluate the performance of some monetary policy rules.
Domestic inflation targeting is the optimal monetary policy, and a Taylor-type inflation targeting rule replicates the result of optimal policy. Moreover, peged exchange rate and CPI inflation targeting have respectively the worst and the best performance among studied simple rules.

JEL Classification: F41, E52

Keywords: Business Cycles, DSGE, Monetary Policy, Staggered Price, Policy Rule
Full-Text [PDF 220 kb]   (1785 Downloads)    
Type of Study: Empirical Study |
Received: 2014/08/9 | Accepted: 2014/08/9 | Published: 2014/08/9
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Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
year 4, Issue 12 (summer 2012) Back to browse issues page
فصلنامه پژوهش‌های پولی-بانکی Journal of Monetary & Banking Research
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