| تعداد نشریات | 24 |
| تعداد شمارهها | 917 |
| تعداد مقالات | 8,230 |
| تعداد مشاهده مقاله | 16,274,827 |
| تعداد دریافت فایل اصل مقاله | 13,752,268 |
Identifying the adopted Monetary Policy Rule by the Central Bank of Iran | ||
| Iranian Journal of Economic Studies | ||
| مقاله 6، دوره 6، شماره 1 - شماره پیاپی 11، شهریور 2017، صفحه 87-107 اصل مقاله (436.12 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2018.27577.1402 | ||
| نویسندگان | ||
| Raha Pourahmadi Haghighi* ؛ Ebrahim Hadian؛ Ahmad Sadraei Javaheri؛ Rouhollah Shahnazi | ||
| Departement of Economics, Shiraz University, Shiraz, Iran. | ||
| چکیده | ||
| It is obvious that an optimal policy should consider main dimensions of the phenomenon that can affect the transmission mechanism of that policy. In an open economy, it is expected that variables of the foreign sector play important role in its economic behavior. Therefore, it needs that any optimal policy in an open economy to design in such a way which involves changes in the foreign sector. Due to this fact, this paper aims at assessing the monetary policy of Central Bank of Iran to find that whether this policy takes a right way or not. To do so, a DSGE model along with MCMC criteria are employed. The main result indicates that the Central Bank decision on monetary policy follows McCallum rule without any respond to exchange rate shocks. | ||
| کلیدواژهها | ||
| Monetary Policy؛ Exchange rate؛ Monetary rule؛ Open economy | ||
| مراجع | ||
|
References
Calvo, G. (1983). Staggered Prices in a Utility Maximizing Framework, Journal of Monetary Economics, 12(3), 383-398. Fakhr-Hosseini, S. F. (2011). The Dynamic Stochastic General Equilibrium Model of Monetary Business Cycle for Iran, Journal of Economic Modeling Research. 1(3), 1-28. [in Persian] Fuhrer, J.C. (2000). Habit formation in consumption and its implication for monetary policy models, American Economic Review, 90, 367-390.
Gali, J, & Gertler, M. (1999). Inflation Dynamics: A Structural Econometric Analysis, 44(2), 195-222. Gali, J, & Monacelli, T. (2005). Monetary Policy and Exchange Rate Volatility in a Small Open Economy, Review of Economic Studies, 72, 707–734. Khiyabani, Nasser & Amiri, Hussein. (2012). Designing, an open dynamic stochastic general equilibrium model to investigate the effect of oil shocks on macroeconomic variables. Quantitative Economics 9 (3), 25-59 [in Persian]. Lucas, R. (1976). Econometric Policy Evaluation: A Critique, Rochester- Carnegie Conference on Monetary Policy. 1,19-46.
Mimir, Y, & Sunel, E. (2015). External Shocks, Banks and Optimal Monetary Policy in an Open Economy, BIS Working Paper, No. 528. Walsh, C. (2010). Monetary Theory and Policy, Third edition, Boston, MIT Press. Wollmershauser, Timo. (2006). Should central banks react to exchange rate movements? An analysis of the robustness of simple policy rules under exchange rate uncertainty, Journal of Macroeconomics, 28, 493- 519. | ||
|
آمار تعداد مشاهده مقاله: 1,147 تعداد دریافت فایل اصل مقاله: 1,263 |
||