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The Impacts of Monetary Policy on Macroeconomic Variables Assuming the Collateral Constraint | ||
| Iranian Journal of Economic Studies | ||
| مقاله 5، دوره 8، شماره 1 - شماره پیاپی 15، خرداد 2019، صفحه 69-90 اصل مقاله (1.18 M) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2019.31442.1508 | ||
| نویسندگان | ||
| Hadi Keshavarz* 1؛ Hojat Parsa2 | ||
| 1Department of economics, Persian gulf university, bushehr , Iran | ||
| 2Department of Economics, Persian Gulf University, Bushehr, Iran | ||
| چکیده | ||
| This study aimed to examine the effects of monetary policy on macroeconomic variables with regard to the collateral constraint. For this purpose, a dynamic stochastic general equilibrium (DSGE) was developed for Iran’s economic status. Two scenarios were considered as to account for the behavior of the central bank. In the first scenario, the monetary rule is modeled according to the GDP gap and inflation. In the second scenario that is modeled by macro-prudential rule, in addition to the GDP gap and inflation, it is also the central bank responses to the housing price gap that contributes to a steady state. An examination of the impulse response functions in the two scenarios indicated that the monetary shock increased production and inflation. A monetary shock has a positive impact on the consumption of patient households (lenders) and a negative effect on impatient households’ (borrowers) consumption. The collateral constraint was assumed to cause the effects of shocks to be continued on both groups. A comparison between the two scenarios indicated that if the central bank responds to the housing price deviation, in addition to the GDP gap and inflation, the effectiveness of the monetary policy will be strengthened. | ||
| کلیدواژهها | ||
| Monetary Policy؛ Collateral Constraint؛ Macro-Prudential Rule؛ Dynamic Stochastic General Equilibrium Model؛ Iran | ||
| مراجع | ||
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