Determining the Optimal Interest Rate and Its Effects on Iran's Economy: An Application of Optimal Control Theories

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NAGHDI YAZDAN; EFATI BARAN FARSHID

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Journal: Journal of Economic Modelling Year:2019 | Volume:13 | Issue:1 (45) Page(s): 73-92

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Information Journal Paper

Title

Determining the Optimal Interest Rate and Its Effects on Iran's Economy: An Application of Optimal Control Theories

Author(s)

NAGHDI YAZDAN | EFATI BARAN FARSHID | Issue Writer Certificate

Keywords

JEL Classification:E58Q1

E52Q1

E32.Keywords:Inflation TargetingQ2

Favorable Economic GrowthQ2

Optimal Interest RateQ2

Optimal ControlQ2

Abstract

The aim of this study is to estimate and calculate the Optimal Interest Rate during the period 1993-2016 in order to achieve an Optimal Interest Rate and a describe economic growth using the Optimal Control theory. Taking into account Iran’ s economic, social and cultural planning, its economic growth rate is considered 6%, and the inflation targeting 10% in the present research. The results show that in order to achieve the describe economic growth rate of 6% in a year and the inflation targeting rate of 10%, the Optimal Interest Rate needs to be 5. 2%. By notice that the bank average interest rate for Iran has been 14. 3% in the same period, it is suggested that bank interest rate decreases. This matter will increase investment and ultimately expand production and economic growth in the Iranian economy.

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APA: Copy

NAGHDI, YAZDAN, & EFATI BARAN, FARSHID. (2019). Determining the Optimal Interest Rate and Its Effects on Iran's Economy: An Application of Optimal Control Theories. ECONOMIC MODELLING, 13(1 (45) ), 73-92. SID. https://sid.ir/paper/176286/en

Vancouver: Copy

NAGHDI YAZDAN, EFATI BARAN FARSHID. Determining the Optimal Interest Rate and Its Effects on Iran's Economy: An Application of Optimal Control Theories. ECONOMIC MODELLING[Internet]. 2019;13(1 (45) ):73-92. Available from: https://sid.ir/paper/176286/en

IEEE: Copy

YAZDAN NAGHDI, and FARSHID EFATI BARAN, “Determining the Optimal Interest Rate and Its Effects on Iran's Economy: An Application of Optimal Control Theories,” ECONOMIC MODELLING, vol. 13, no. 1 (45) , pp. 73–92, 2019, [Online]. Available: https://sid.ir/paper/176286/en

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