Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach

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VAFAMAND ALI; HAGHIGHAT JAFAR; FALLAHI FIRUZ; KARIMI ZAHRA

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Journal: Journal of Economic Research and Policies Year:2019 | Volume:26 | Issue:88 Page(s): 209-244

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Information Journal Paper

Title

Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach

Author(s)

VAFAMAND ALI | HAGHIGHAT JAFAR | FALLAHI FIRUZ | KARIMI ZAHRA | Issue Writer Certificate

Keywords

Dynamic Stochastic General EquilibriumQ1

Markov-SwitchingQ1

Monetary ShockQ1

Abstract

Considering the importance of implementing monetary policy in any economy, its impact on the main economic variables, including production, is very crucial. This paper examines and analyzes the effects of positive and negative Monetary Shocks on production in Iran using the MS-DSGE model during the period of 1979-2004. The results of this study indicate that positive and negative monetary policies in the recession periods, as well as boom periods, have asymmetric effects on the growth of domestic production. The effect of positive and negative Monetary Shocks on production is higher during the recession than during the boom. Generally, the Monetary Shocks are more effective during the boom than the recession. Accordingly, it is suggested that to achieve the economic goals policymakers should implement their policies during the economic recessions.

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APA: Copy

VAFAMAND, ALI, HAGHIGHAT, JAFAR, FALLAHI, FIRUZ, & KARIMI, ZAHRA. (2019). Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 26(88 ), 209-244. SID. https://sid.ir/paper/359757/en

Vancouver: Copy

VAFAMAND ALI, HAGHIGHAT JAFAR, FALLAHI FIRUZ, KARIMI ZAHRA. Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2019;26(88 ):209-244. Available from: https://sid.ir/paper/359757/en

IEEE: Copy

ALI VAFAMAND, JAFAR HAGHIGHAT, FIRUZ FALLAHI, and ZAHRA KARIMI, “Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 26, no. 88 , pp. 209–244, 2019, [Online]. Available: https://sid.ir/paper/359757/en

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