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Information Journal Paper

Title

The dynamics of inflation Rate in Monetary policy in Iran

Pages

  213-236

Abstract

 This article is devoted to analyzing the question that to what measure of Inflation rate, the central bank of Iran should react. To answer this question, we first design a DSGE model for Iran as a small open economy; then the model has closed with a McCallum Rule in which central banks reacts to output gap and Inflation rate volatilities. Because in these model three measures of Inflation rate are introduced, including tradable-goods Inflation rate, non-tradable goods Inflation rate and overall Inflation rate, thereby four different DSGE model has been estimated in which three of them reacts to one measures of inflation and in one case, we assume that central bank has no policy rule. By using quarterly data on 1368 – 1395 periods, our estimated results show that the central bank reacts to non-tradable Inflation rate. In the next step, by using volatility analysis and introducing a loss function for central bank, we conclude that to minimize the loss function, central bank should responses to overall Inflation rate.

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    APA: Copy

    Hayati, Yosef, SOHAILI, KIOMARS, & ERFANI, ALIREZA. (2020). The dynamics of inflation Rate in Monetary policy in Iran. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 13(49 ), 213-236. SID. https://sid.ir/paper/229286/en

    Vancouver: Copy

    Hayati Yosef, SOHAILI KIOMARS, ERFANI ALIREZA. The dynamics of inflation Rate in Monetary policy in Iran. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2020;13(49 ):213-236. Available from: https://sid.ir/paper/229286/en

    IEEE: Copy

    Yosef Hayati, KIOMARS SOHAILI, and ALIREZA ERFANI, “The dynamics of inflation Rate in Monetary policy in Iran,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 13, no. 49 , pp. 213–236, 2020, [Online]. Available: https://sid.ir/paper/229286/en

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