Investigating the relationship between monetary policy and the debt account of the non-governmental sector to Iranian banks and credit institutions with a non-linear approach

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Hosseinzadeharanchei Mohammad; Salmanpour Ali; Hagh Khah Davood

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Journal Paper

Paper Information

Journal: اقتصاد و بانکداری اسلامی Year:2024 | Volume:13 | Issue:47 Page(s): 119-130

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Information Journal Paper

Title

Investigating the relationship between monetary policy and the debt account of the non-governmental sector to Iranian banks and credit institutions with a non-linear approach

Author(s)

Hosseinzadeharanchei Mohammad | Salmanpour Ali | Hagh Khah Davood | Issue Writer Certificate

Keywords

Monetary policy

Debt account

Iranian credit institutions

Non-linear approach.

Abstract

The aim of this article was forming a stochastic dynamic general equilibrium model for Iran's economy in terms of the specific characteristics of the country's economy. After the experimental analysis of the model, the calibration of the model parameters was done; This means that the parameters of the model were tried to be set in such a way that the highest match between the real statistics and the simulations made by the model is achieved. For this purpose, information from previous studies or some special features of statistics were used to calibrate the parameters, and in some cases, the desired parameters were calibrated using the statistics of Iran's economy. In the next step, the presented model was simulated using Diner program. The results provided by the Diner program include a summary of the moments of the simulated variables and the instantaneous reaction functions of these variables equal to the shocks included in the model. In this study, the model was simulated in three different cases. In the first case, the policy reaction functions were not included in the central bank's decision-making, and in the next two cases, the reaction functions were included in the model, according to which the central bank is one of the two scenarios. Inflation control (through monetary base control) and exchange rate control (through intervention in the currency market) are taken as Monetary policy. The obtained results indicate a high similarity between the model values and the real statistics values. Then, the behavior of the reaction functions of the variables in response to the exogenous shocks of the model (oil income shock and technology shock) was investigated.

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