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The effect of inflation targeting and money growth rate on banks' balance sheets during Covid-19 | ||
| Iranian Journal of Economic Studies | ||
| دوره 12، شماره 1 - شماره پیاپی 23، آذر 2023، صفحه 123-154 اصل مقاله (743.63 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2024.49424.1949 | ||
| نویسنده | ||
| Azam Ahmadyan* | ||
| Department of banking studies, Monetary and banking research institute, Tehran, Iran. | ||
| چکیده | ||
| This article explores the effects of inflation targeting and money growth rate targeting on the balance sheets of Iranian banks during the COVID-19 pandemic. To achieve this, the study focuses on three key objectives using annual macroeconomic and banking sector data from a developing oil-exporting country, employing the Bayesian method and a DSGE model. First, the macroeconomic and balance sheet impacts of the COVID-19 pandemic are examined without the use of inflation targeting or money growth rate targeting policies. Second, the effects of COVID-19 are analyzed in conjunction with inflation targeting, and third, the effects of COVID-19 are studied alongside money growth rate targeting. The primary shocks examined in this paper are the COVID-19 shock, the inflation targeting shock, and the money growth rate targeting shock. To assess the impact of these shocks on macroeconomic variables and the balance sheets of banks, reaction function analysis has been employed.The key findings reveal that the negative effects of COVID-19 are exacerbated by targeting policies. During the spread of the epidemic, the use of these targeting strategies further decreases production and investment compared to scenarios without such policies. Moreover, inflation targeting, in particular, has a more pronounced effect on reducing production and investment than money growth rate targeting. Based on these findings, it is recommended that the central bank considers implementing interest rate targeting alongside inflation and money growth rate targeting policies in order to better support the balance sheets of banks and mitigate the negative effects on the broader economy. | ||
| کلیدواژهها | ||
| Money Growth rate targeting؛ Inflation Targeting؛ COVID-19؛ DSGE | ||
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آمار تعداد مشاهده مقاله: 210 تعداد دریافت فایل اصل مقاله: 189 |
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