MONETARY POLICY UNDER FISCAL DOMINANCE AND IMPLICIT INFLATION TARGET IN IRAN: A DSGE APPROACH

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KOMIJANI AKBAR; TAVAKOLIAN HOSSEIN

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Journal: JOURNAL OF ECONOMIC MODELING RESEARCH Year:2012 | Volume:2 | Issue:8 Page(s): 87-117

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Title

MONETARY POLICY UNDER FISCAL DOMINANCE AND IMPLICIT INFLATION TARGET IN IRAN: A DSGE APPROACH

Author(s)

KOMIJANI AKBAR | TAVAKOLIAN HOSSEIN | Issue Writer Certificate

Keywords

MONETARY POLICYQ2

DSGEQ2

IMPLICIT INFLATION TARGETQ1

FISCAL DOMINANCEQ1

Abstract

It is more likely that the MONETARY POLICY in Iran is discretionary and not based on a rule or a target. Besides, what is clear is that there have been explicit targets for inflation and economic growth in all five-year development plans (except the fifth plan). However, the question is that do policy makers observe the targets of development plans? Using an adjusted New Keynesian DSGE model for Iran, in this study we investigate the MONETARY POLICY under FISCAL DOMINANCE and IMPLICIT INFLATION TARGETing of Iran. The results show that in most plans monetary authorities do not observe the explicit targets of five-year plans. The estimated monetary reaction function is only able to explain the period 2001-2011. The other result is that implementation delays of public projects have considerable effects on output and private consumption.

Cites

The Impact of Tax Policy on the Underground Economy: DSGE Model

References

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APA: Copy

KOMIJANI, AKBAR, & TAVAKOLIAN, HOSSEIN. (2012). MONETARY POLICY UNDER FISCAL DOMINANCE AND IMPLICIT INFLATION TARGET IN IRAN: A DSGE APPROACH. JOURNAL OF ECONOMIC MODELING RESEARCH, 2(8), 87-117. SID. https://sid.ir/paper/208828/en

Vancouver: Copy

KOMIJANI AKBAR, TAVAKOLIAN HOSSEIN. MONETARY POLICY UNDER FISCAL DOMINANCE AND IMPLICIT INFLATION TARGET IN IRAN: A DSGE APPROACH. JOURNAL OF ECONOMIC MODELING RESEARCH[Internet]. 2012;2(8):87-117. Available from: https://sid.ir/paper/208828/en

IEEE: Copy

AKBAR KOMIJANI, and HOSSEIN TAVAKOLIAN, “MONETARY POLICY UNDER FISCAL DOMINANCE AND IMPLICIT INFLATION TARGET IN IRAN: A DSGE APPROACH,” JOURNAL OF ECONOMIC MODELING RESEARCH, vol. 2, no. 8, pp. 87–117, 2012, [Online]. Available: https://sid.ir/paper/208828/en

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