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The Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran | ||
| Iranian Journal of Economic Studies | ||
| مقاله 5، دوره 7، شماره 2 - شماره پیاپی 14، اسفند 2018، صفحه 191-217 اصل مقاله (851.34 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2018.30128.1467 | ||
| نویسندگان | ||
| Mansour Mahinizadeh* 1؛ Kazem Yavari2؛ Hassan Valibeigi3؛ Ali Shafiei1 | ||
| 1Faculty of Economics, Management and Accounting, Yazd University, Yazd, Iran | ||
| 2Faculty of Economics and Management, Tarbiat Modares University, Tehran, Iran | ||
| 3Institute of Business Studies and Research, Tehran, Iran | ||
| چکیده | ||
| Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of the real sector. Therefore, there is a need for more investigation on the behavior of banks and factors affecting those behaviors in a country. One of the issues that affect the behavior of banks is symmetric information. Thus, the main aim of the present study was to investigate the impact of asymmetric information in the money markets on investment, production, and employment. Hence, based on the New-Keynesian framework, a Dynamic Stochastic General Equilibrium (DSGE) model was adopted in accordance with the structure of the economy of Iran. The designed model entailed nine sectors including households, firms, banks, the Central Bank, oil, the government, exports, imports, and other countries of the world. Moreover, the rigidities of the prices and wages, and the rigidities of the imported and exported goods were taken into account in the model. By using the Bayesian method and data gathered from Iran during 1974-2017, the parameters of equations were estimated and the impact of symmetric information was investigated. The results indicated that increasing the asymmetric information and reducing the honesty in the society through decreasing the resources available to the banks and increasing the cost of banks will lead to an increase in the profit of the facilities. Also, increasing the profit of banks concessional loans decreases investment, production, and employment. | ||
| کلیدواژهها | ||
| Asymmetric Information؛ Production؛ Investment؛ Employment؛ Money Market؛ Banks؛ Dynamic Stochastic General Equilibrium | ||
| مراجع | ||
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