OPTIMAL, DISCRETIONARY AND RULE-BASED MONETARY POLICY IN ACHIEVING 5-YEAR DEVELOPMENT PLANS’ INFLATION TARGET: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH

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TAVAKOLIAN HOSSIEN

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Journal: Journal of Monetary and Banking Research Year:2015 | Volume:8 | Issue:23 Page(s): 1-38

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Title

OPTIMAL, DISCRETIONARY AND RULE-BASED MONETARY POLICY IN ACHIEVING 5-YEAR DEVELOPMENT PLANS’ INFLATION TARGET: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH

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TAVAKOLIAN HOSSIEN | Issue Writer Certificate

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Abstract

In this study I make a Dynamic Stochastic General Equilibrium Model to study the monetary policy in Iran. Since monetary policy in Iran is not conducted using a specific rule, I first should modify the Taylor rule. The modified rule is such that the growth rate of monetary base is determined according to deviations of inflation and output from their target values. Although there are some inflation targets in Five-year Development Plans but there is no commitment to this targets. Therefore, we assume that there is implicit inflation targeting that is, there is inflation targeting for monetary authorities but the target value of inflation is not announced to public. Taking into account this assumption, monetary policy reaction function is estimated in a DSGE model. The empirical results show that there has been a kind of rule at the end of 70s and the beginning of 80s and that the implicit target has been higher than those of Development Plans. Dropping the modified rule from the model and solving it assuming discretionary and optimal monetary policies, the results suggest that in most periods the monetary policy has been conducted in a discretionary approach.

Cites

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

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APA: Copy

TAVAKOLIAN, HOSSIEN. (2015). OPTIMAL, DISCRETIONARY AND RULE-BASED MONETARY POLICY IN ACHIEVING 5-YEAR DEVELOPMENT PLANS’ INFLATION TARGET: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH. JOURNAL OF MONETARY AND BANKING RESEARCHES, 8(23 ), 1-38. SID. https://sid.ir/paper/263730/en

Vancouver: Copy

TAVAKOLIAN HOSSIEN. OPTIMAL, DISCRETIONARY AND RULE-BASED MONETARY POLICY IN ACHIEVING 5-YEAR DEVELOPMENT PLANS’ INFLATION TARGET: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH. JOURNAL OF MONETARY AND BANKING RESEARCHES[Internet]. 2015;8(23 ):1-38. Available from: https://sid.ir/paper/263730/en

IEEE: Copy

HOSSIEN TAVAKOLIAN, “OPTIMAL, DISCRETIONARY AND RULE-BASED MONETARY POLICY IN ACHIEVING 5-YEAR DEVELOPMENT PLANS’ INFLATION TARGET: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH,” JOURNAL OF MONETARY AND BANKING RESEARCHES, vol. 8, no. 23 , pp. 1–38, 2015, [Online]. Available: https://sid.ir/paper/263730/en

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