THE INTERACTION BETWEEN NOMINAL AND REAL VARIABLES IN STRUCTURAL VECM: THE CASE OF IRAN

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ABRISHAMI H.; MEHRARA M.

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Journal: Iranian Journal of Economic Research Year:2002 | Volume:3 | Issue:9 Page(s): 43-88

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Title

THE INTERACTION BETWEEN NOMINAL AND REAL VARIABLES IN STRUCTURAL VECM: THE CASE OF IRAN

Author(s)

ABRISHAMI H. | MEHRARA M. | Issue Writer Certificate

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Abstract

The purpose of this study is to discern the interaction between nominal and real sectors in the context of an oil exporting economy such as Iran. The methodology uses a modeling strategy named structural VECM which provides a practical approach to incorporating long - run structural relationships, suggested by economic theory in an structural VAR model. The strategy is applied in the construction of a small quarterly macro econometric model of Iran estimated over the period 1350 QI - 1376 Q4 (1971Q1- 1997Q4) in eight core variables: output, import, price, money, exchange rate, wage, productivity and premium. Our results suggest that the usefulness of the IS/LM model to interpret economic effectuations in Iran is limited and provide support to what McCallum (1989) calls, "Weak" version of equilibrium (real) business Cycles models.

Cites

DETERMINANTS OF THE LONG-RUN EQUILIBRIUM REAL EXCHANGE RATE IN IRAN

References

SOURCES OF ECONOMIC FLUCTUATIONS IN IRAN

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APA: Copy

ABRISHAMI, H., & MEHRARA, M.. (2002). THE INTERACTION BETWEEN NOMINAL AND REAL VARIABLES IN STRUCTURAL VECM: THE CASE OF IRAN. IRANIAN ECONOMIC RESEARCH, 3(9), 43-88. SID. https://sid.ir/paper/2757/en

Vancouver: Copy

ABRISHAMI H., MEHRARA M.. THE INTERACTION BETWEEN NOMINAL AND REAL VARIABLES IN STRUCTURAL VECM: THE CASE OF IRAN. IRANIAN ECONOMIC RESEARCH[Internet]. 2002;3(9):43-88. Available from: https://sid.ir/paper/2757/en

IEEE: Copy

H. ABRISHAMI, and M. MEHRARA, “THE INTERACTION BETWEEN NOMINAL AND REAL VARIABLES IN STRUCTURAL VECM: THE CASE OF IRAN,” IRANIAN ECONOMIC RESEARCH, vol. 3, no. 9, pp. 43–88, 2002, [Online]. Available: https://sid.ir/paper/2757/en

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