IMPACTS OF MONETARY AND EXCHANGE RATE POLICIES ON THE IRANIAN ECONOMY WITHIN A DYNAMIC MACRO ECONOMETRIC MODEL

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NOUFERESTI M.

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: Journal of Economic Research Year:2005 | Volume:- | Issue:70 Page(s): 1-29

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Title

IMPACTS OF MONETARY AND EXCHANGE RATE POLICIES ON THE IRANIAN ECONOMY WITHIN A DYNAMIC MACRO ECONOMETRIC MODEL

Author(s)

NOUFERESTI M. | Issue Writer Certificate

Keywords

MONETARY POLICYQ2

EXCHANGE RATE POLICYQ4

POLICY INSTRUMENTSQ4

MACROECONOMETRIC MODELQ4

CO-INTEGRATIONQ3

IRANIAN ECONOMYQ2

Abstract

Despite considerable development in macroeconomic theory in recent decades, the impact and magnitude of monetary and exchange rate policies on real economic variables are in dispute. This paper, by the aid of a co-integrated MACROECONOMETRIC MODEL of the IRANIAN ECONOMY, tries to do an analysis of such issue.MONETARY POLICY is conducted via two POLICY INSTRUMENTS which are considered to be at the disposal of monetary authorities, namely required reserve ratio and central bank credit to the commercial banks. Simulation results of monetary policies show a significant effect on the real economic variables. An expansionary MONETARY POLICY boosts GDP and employment. Private investment, non-oil exports and private consumption are also increased. EXCHANGE RATE POLICY is conducted by making an arbitrary change in the official exchange rate. Simulations suggest that the devaluation of Rial against US Dollar causes a fall in GDP. Although imports fall but surprisingly there is no significant improvement on non-oil exports. Money supply also increases. This causes the price level to rise and thus creates stagflation.

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APA: Copy

NOUFERESTI, M.. (2005). IMPACTS OF MONETARY AND EXCHANGE RATE POLICIES ON THE IRANIAN ECONOMY WITHIN A DYNAMIC MACRO ECONOMETRIC MODEL. TAHGHIGHAT-E-EGHTESADI, -(70), 1-29. SID. https://sid.ir/paper/11610/en

Vancouver: Copy

NOUFERESTI M.. IMPACTS OF MONETARY AND EXCHANGE RATE POLICIES ON THE IRANIAN ECONOMY WITHIN A DYNAMIC MACRO ECONOMETRIC MODEL. TAHGHIGHAT-E-EGHTESADI[Internet]. 2005;-(70):1-29. Available from: https://sid.ir/paper/11610/en

IEEE: Copy

M. NOUFERESTI, “IMPACTS OF MONETARY AND EXCHANGE RATE POLICIES ON THE IRANIAN ECONOMY WITHIN A DYNAMIC MACRO ECONOMETRIC MODEL,” TAHGHIGHAT-E-EGHTESADI, vol. -, no. 70, pp. 1–29, 2005, [Online]. Available: https://sid.ir/paper/11610/en

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