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Khosravi, Abdulhamid, Marzban, Hossein, Ghaderi, Jaafar, Rostamzadeh, Parviz. (1398). Optimal Monetary Policy in a Dual Exchange Rate Regime. , 9(1), 293-317. doi: 10.22099/ijes.2021.39789.1736
Abdulhamid Khosravi; Hossein Marzban; Jaafar Ghaderi; Parviz Rostamzadeh. "Optimal Monetary Policy in a Dual Exchange Rate Regime". , 9, 1, 1398, 293-317. doi: 10.22099/ijes.2021.39789.1736
Khosravi, Abdulhamid, Marzban, Hossein, Ghaderi, Jaafar, Rostamzadeh, Parviz. (1398). 'Optimal Monetary Policy in a Dual Exchange Rate Regime', , 9(1), pp. 293-317. doi: 10.22099/ijes.2021.39789.1736
Khosravi, Abdulhamid, Marzban, Hossein, Ghaderi, Jaafar, Rostamzadeh, Parviz. Optimal Monetary Policy in a Dual Exchange Rate Regime. , 1398; 9(1): 293-317. doi: 10.22099/ijes.2021.39789.1736

Optimal Monetary Policy in a Dual Exchange Rate Regime

Iranian Journal of Economic Studies
مقاله 12، دوره 9، شماره 1 - شماره پیاپی 17، خرداد 2020، صفحه 293-317    اصل مقاله (4.62 M)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22099/ijes.2021.39789.1736
نویسندگان
Abdulhamid Khosravi* 1؛ Hossein Marzban2؛ Jaafar Ghaderi2؛ Parviz Rostamzadeh2
1Department of Economics, Payame Noor University, Tehran, Iran.
2Faculty of Economics, Management and Social Sciences, Shiraz University, Shiraz , Iran
چکیده
In this study, we design a structural macro model for Iran economy in which there is a dual exchange rate regime, namely, official (fixed) and unofficial (floated) rates. The official rate determined by the central bank whereas unofficial rate set in the free market. The structural parameters of the designed model is estimated using quarterly data in the 1991- 2019 period, and Bayesian method. The main finding of this paper is that establishing a dual exchange rate regime cannot prevent the negative effects of exchange rate dynamics on macro variables. Therefore, it is better to abandon this strategy and instead, central bank put forward optimal respond to exchange rate dynamics. To do this, we derive an optimal policy rule for the central bank and show that the best policy is assigning equal weights to inflation rate and exchange rate in loss function and an active respond to both inflation rate and exchange rate in the policy rule.
کلیدواژه‌ها
: Optimal Monetary Policy؛ Exchange Rate Regime؛ Bayesian Estimation؛ Monetary Policy rules
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