SOUND FISCAL REACTIONS TO STOCHASTIC SHOCKS: A DSGE APPROACH

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BAHRAMI JAVID; RAFEI MEYSAM

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Journal: Iranian Journal of Economic Research Year:2014 | Volume:19 | Issue:58 Page(s): 1-37

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Title

SOUND FISCAL REACTIONS TO STOCHASTIC SHOCKS: A DSGE APPROACH

Author(s)

BAHRAMI JAVID | RAFEI MEYSAM | Issue Writer Certificate

Keywords

NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELQ2

FISCAL POLICYQ2

Abstract

Using a New Keynesian dynamic stochastic general equilibrium of Iran with price rigidity and imperfect markets, this paper shows how different stochastic shocks affect main macroeconomic variables in presence of variety of reaction functions. In this way, we compare the response of those variables to the shocks in baseline scenario (which the government does not perform any reaction) with an alternative; when government reacts counter-cyclically through back ward looking fiscal rules. Our findings was in favor of active counter-cyclical FISCAL POLICY, by showing that the deviations from target values decrease when government reacts actively.

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APA: Copy

BAHRAMI, JAVID, & RAFEI, MEYSAM. (2014). SOUND FISCAL REACTIONS TO STOCHASTIC SHOCKS: A DSGE APPROACH. IRANIAN ECONOMIC RESEARCH, 19(58), 1-37. SID. https://sid.ir/paper/2573/en

Vancouver: Copy

BAHRAMI JAVID, RAFEI MEYSAM. SOUND FISCAL REACTIONS TO STOCHASTIC SHOCKS: A DSGE APPROACH. IRANIAN ECONOMIC RESEARCH[Internet]. 2014;19(58):1-37. Available from: https://sid.ir/paper/2573/en

IEEE: Copy

JAVID BAHRAMI, and MEYSAM RAFEI, “SOUND FISCAL REACTIONS TO STOCHASTIC SHOCKS: A DSGE APPROACH,” IRANIAN ECONOMIC RESEARCH, vol. 19, no. 58, pp. 1–37, 2014, [Online]. Available: https://sid.ir/paper/2573/en

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