The Impact of Monetary Policy Instruments on Stagflation in Iran

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AMIRI HOSSEIN; Beyranvand Mahboubeh

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Journal: IRANIAN JOURNAL OF APPLIED ECONOMICS Year:2017 | Volume:7 | Issue:21 Page(s): 19-32

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Information Journal Paper

Title

The Impact of Monetary Policy Instruments on Stagflation in Iran

Author(s)

AMIRI HOSSEIN | Beyranvand Mahboubeh | Issue Writer Certificate

Keywords

StagflationQ1

Monetary Policy InstrumentsQ2

Autoregressive Distributed Lag MethodQ1

Abstract

The statistical evidence related to inflation and output over the years 1976 to 2015 shows that Iran's economy has faced Stagflation phenomenon in many years, including 1960s, 1970s, 1980s and the early 1990s. In the present paper, according to the importance of the monetary instruments’ effect on the indicators of output and inflation, the effect of monetary instruments on Stagflation phenomenon is examined using the Autoregressive Distributed Lag Method (ARDL) over the 1976-2015 period. The results show that in short-term and long-term, inflation has an inverse relationship with the economic growth rate and the excess reserves and has a positive relationship with the reserve rate, the interest rate, the growth rate of the monetary base and facilities. The economic growth rate also has an inverse relationship with the monetary base and inflation and with other variables such as the legal reserves, the additional reserves, the interest rate, the growth rate of facilities, the government expenditure, and the consumption has a direct relationship. On the other hand, among the all mentioned variables, only the monetary base simultaneously led to an increase in inflation and a decrease in the rate of economic growth and, consequently, to the Stagflation occurrence.

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APA: Copy

AMIRI, HOSSEIN, & Beyranvand, Mahboubeh. (2017). The Impact of Monetary Policy Instruments on Stagflation in Iran. IRANIAN JOURNAL OF APPLIED ECONOMICS, 7(21 ), 19-32. SID. https://sid.ir/paper/201996/en

Vancouver: Copy

AMIRI HOSSEIN, Beyranvand Mahboubeh. The Impact of Monetary Policy Instruments on Stagflation in Iran. IRANIAN JOURNAL OF APPLIED ECONOMICS[Internet]. 2017;7(21 ):19-32. Available from: https://sid.ir/paper/201996/en

IEEE: Copy

HOSSEIN AMIRI, and Mahboubeh Beyranvand, “The Impact of Monetary Policy Instruments on Stagflation in Iran,” IRANIAN JOURNAL OF APPLIED ECONOMICS, vol. 7, no. 21 , pp. 19–32, 2017, [Online]. Available: https://sid.ir/paper/201996/en

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