The Effect of External Shocks on Macroeconomic Variables for the Iranian Economy in the form of New Keynesian DSGE Model

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Boroumand Sajad; MOHAMADI TEYMOUR; Memarnejad Abass; Baghfalaki Afshin

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Journal: Journal of Economic Research and Policies Year:2020 | Volume:28 | Issue:93 Page(s): 93-121

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Title

The Effect of External Shocks on Macroeconomic Variables for the Iranian Economy in the form of New Keynesian DSGE Model

Author(s)

Boroumand Sajad | MOHAMADI TEYMOUR | Memarnejad Abass | Baghfalaki Afshin | Issue Writer Certificate

Keywords

Macroeconomic VariablesQ2

DSGE ModelQ1

Abstract

One of the important issues that have been the focus of economists in developed and developing countries for the last several decades is the study of the effect of External Shocks on Macroeconomic Variables of those countries. In this paper In order to investigate the effect of external shocks including world oil price, exchange rate and global inflation shocks on Macroeconomic Variables of Iran, We solved a stochastic dynamic general equilibrium (DSGE) model with the new Keynesian approach. The present study uses seasonal time series data from 1989 to 2016 to calculate the steady-state values of some variables in equilibrium state and to quantify other parameters from previous studies. Our main finding shows that GDP and non-oil production increase after a positive oil price shock. Our main finding shows that GDP and non-oil production increase after a positive oil price shock. In the case of oil production, at least in the short run, oil production can be somewhat low elasticity to price fluctuations. Also, exchange rate shock has a significant impact on domestic Macroeconomic Variables. As for the global inflation shock, we can say that, it has a weak influence on domestic variables.

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APA: Copy

Boroumand, Sajad, MOHAMADI, TEYMOUR, Memarnejad, Abass, & Baghfalaki, Afshin. (2020). The Effect of External Shocks on Macroeconomic Variables for the Iranian Economy in the form of New Keynesian DSGE Model. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 28(93 ), 93-121. SID. https://sid.ir/paper/360642/en

Vancouver: Copy

Boroumand Sajad, MOHAMADI TEYMOUR, Memarnejad Abass, Baghfalaki Afshin. The Effect of External Shocks on Macroeconomic Variables for the Iranian Economy in the form of New Keynesian DSGE Model. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2020;28(93 ):93-121. Available from: https://sid.ir/paper/360642/en

IEEE: Copy

Sajad Boroumand, TEYMOUR MOHAMADI, Abass Memarnejad, and Afshin Baghfalaki, “The Effect of External Shocks on Macroeconomic Variables for the Iranian Economy in the form of New Keynesian DSGE Model,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 28, no. 93 , pp. 93–121, 2020, [Online]. Available: https://sid.ir/paper/360642/en

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