The Response of Monetary and Fiscal Policies to the Output Gap in Iran with the Taylor Rule Approach: The Quantile Method

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Zorriyeh Mohammadali Faezeh; Nahidi Amirkhiz Mohammadreza; Paytakhti Oskooe Ali; RANJPOUR REZA

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Journal: The Economic Research (Sustainable Growth and Development) Year:2022 | Volume:22 | Issue:4 Page(s): 85-120

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Title

The Response of Monetary and Fiscal Policies to the Output Gap in Iran with the Taylor Rule Approach: The Quantile Method

Author(s)

Zorriyeh Mohammadali Faezeh | Nahidi Amirkhiz Mohammadreza | Paytakhti Oskooe Ali | RANJPOUR REZA | Issue Writer Certificate

Keywords

Taylor rule

Central bank response

Government response

Quantile regression

Output gap

Abstract

One of the most important issues in monetary and fiscal policy analysis is their efficiency or effectiveness, which tells policymakers about effectiveness of policies. In general, the effectiveness or effectiveness of monetary and fiscal policies refers to the extent to which they affect equilibrium national output or income. Therefore, in order to achieve its goals, the policymaker should be able to respond appropriately to the production gap and inflation accordingly, a policy rule covering the goals of the central bank should be used. In this study, in the framework of Taylor rule, the response of monetary and fiscal policies to the Output gap has been investigated in the Iranian economy using the Quantile regression method over the period 1976-2018. The results show that by increasing the Output gap in different quantities, monetary authorities do not show any reaction to the Output gap. But government policymakers pursue an expansionary policy toward the Output gap, which is contrary to Taylorchr('39')s rule, and the results confirm that government policymakers make policy at their will.

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APA: Copy

Zorriyeh Mohammadali, Faezeh, Nahidi Amirkhiz, Mohammadreza, Paytakhti Oskooe, Ali, & RANJPOUR, REZA. (2022). The Response of Monetary and Fiscal Policies to the Output Gap in Iran with the Taylor Rule Approach: The Quantile Method. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 22(4 ), 85-120. SID. https://sid.ir/paper/1038959/en

Vancouver: Copy

Zorriyeh Mohammadali Faezeh, Nahidi Amirkhiz Mohammadreza, Paytakhti Oskooe Ali, RANJPOUR REZA. The Response of Monetary and Fiscal Policies to the Output Gap in Iran with the Taylor Rule Approach: The Quantile Method. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2022;22(4 ):85-120. Available from: https://sid.ir/paper/1038959/en

IEEE: Copy

Faezeh Zorriyeh Mohammadali, Mohammadreza Nahidi Amirkhiz, Ali Paytakhti Oskooe, and REZA RANJPOUR, “The Response of Monetary and Fiscal Policies to the Output Gap in Iran with the Taylor Rule Approach: The Quantile Method,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 22, no. 4 , pp. 85–120, 2022, [Online]. Available: https://sid.ir/paper/1038959/en

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