Iranian Journal of Economic Research
Year:2002 | Volume:3 | Issue:9|Papers Count:4

This paper tests whether positive and negative monetary shocks have symmetric effects on output growth. The new classical models imply symmetric effects. While new Keynesian models predict asymmetric effects. New Keynesians argue credit rationing and the downward inflexibility of wages and prices are the primary reasons for the asymmetric effects. This paper tests this proposition by utilizing three different methods, namely Two - Step OLS procedure used by Barro, Nonlinear Least Squares and SUR, for the Iranian economy during the period 1959 - 1990. The results support the hypothesis of asymmetric effects of monetary shocks. More specifically, positive shocks have no significant effects on output growth while negative shocks have a negative effect on output growth.

The purpose of this study is to discern the interaction between nominal and real sectors in the context of an oil exporting economy such as Iran. The methodology uses a modeling strategy named structural VECM which provides a practical approach to incorporating long - run structural relationships, suggested by economic theory in an structural VAR model. The strategy is applied in the construction of a small quarterly macro econometric model of Iran estimated over the period 1350 QI - 1376 Q4 (1971Q1- 1997Q4) in eight core variables: output, import, price, money, exchange rate, wage, productivity and premium. Our results suggest that the usefulness of the IS/LM model to interpret economic effectuations in Iran is limited and provide support to what McCallum (1989) calls, "Weak" version of equilibrium (real) business Cycles models.

In this paper a brief review of Commodity Centred and Human Centred approaches is presented. The role of the existing accounting system and its related models in quantifying these approaches with respect to the following questions is analized: "To what extent can the existing accounting system and the related General Equilibrium Models provide the basic statistical requirements of the Human Centred approach, and what role does Leontief's Accounting Method play in this regard?"To highlight these points, the argument is divided into two main sections: The first section briefly deals with analizing macro, Leontief and its extended models in the framework of the accounting system.In the second section, the Social Accounting Matrix and its extended accounting system which links the two approaches is introduced. The paper concludes that linking these approaches without Leontief intermediate matrix is quite impossible.

An Intersectoral Capital Coefficients Matrix contains the main features of the structural parameters of an economy. One of its main functions is the role it plays in dynamic input - output models. It is also used as a tool in forecasting the economic variables.In this paper, the net capital stocks are used to estimate the intersectoral capital coefficients. For our purpuse, the use of the net capital stocks appear to be appropriate for the life spans of the various fixed capital goods. It can also be used in certain methods for the calculation of the depreciation of real assets.We have used experiences of other countries in estimating the intersectoral capital matrix, by adding the net fixed capital matrix and the inventory matrix. The intersectoral net fixed capital matrix consists of fifteen capital demander sectors and three supplyer sectors as follow: a) Machinary, b) Motor vehicle equipments, C) Construction.The average life spans of the above sectors are respectively 16, 10, 50 years.The intersectoral capital coefficients matrix for the year 1370 is obtained by dividing the elements of each column of the capital matrix to the value of output of each relevant sector. We have made use of the average capital- output ratios in our calculations.In our study, we have found out that the calculated coefficients of the Iranian economy are comparable with many other countries.To estimate the maximum possible growth rate of our economy, one can make use of the intersectoral capital coefficients matrix in a dynamic input-output model. One can also use it for economic planning and in the prediction of some economic variables.