The Effect of Shocks in Monetary Base and Government Oil Revenues on the Iranian Economy Using Dynamic Stochastic General Equilibrium Model

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Mohammadipour Ali; Salmanpour Zonouz Ali; Fakhr Hosseini Seyed Fakhreddin

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Paper Information

Journal: JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH Year:2020 | Volume:10 | Issue:39 Page(s): 93-112

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Title

The Effect of Shocks in Monetary Base and Government Oil Revenues on the Iranian Economy Using Dynamic Stochastic General Equilibrium Model

Author(s)

Mohammadipour Ali | Salmanpour Zonouz Ali | Fakhr Hosseini Seyed Fakhreddin | Issue Writer Certificate

Keywords

Monetary BaseQ1

Government Oil RevenuesQ1

Dynamic Stochastic General Equilibrium ModelQ1

Resource Curse and Crowding-Out EffectQ1

Abstract

Emphasizing on designing the four paths of oil and energy impact on the Iranian economy, a New-Keynesian comprehensive DSGE model is simulated. In the present study, shocks in the form of two important paths Monetary Base and Government Oil Revenues are analyzed. Monetary impulses, in addition to inflation, instantly have a positive impact on nominal and real exchange rates, firms’ investment, employment, production, import of consumer and capital goods. The impulse for Government Oil Revenues in the first period will also increase government development and current expenditure, general price level, import of capital and consumer goods, and household consumption. Then the demand side of the economy is expanded crosssectionally and increased non-oil production at the rate of 0. 8%. In contrast, with the decline in private sector investment and employment, non-oil production has fallen sharply over two periods, even falling from a stable long-term situation, which means that the Resource Curse in the Iranian economy is realizing. On the other hand, as a result of the shocks in oil revenues, the Crowding-Out Effect on the Iranian economy will be strengthened as government capital spending increases and firms' investments decrease.

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APA: Copy

Mohammadipour, Ali, Salmanpour Zonouz, Ali, & Fakhr Hosseini, Seyed Fakhreddin. (2020). The Effect of Shocks in Monetary Base and Government Oil Revenues on the Iranian Economy Using Dynamic Stochastic General Equilibrium Model. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 10(39 ), 93-112. SID. https://sid.ir/paper/374843/en

Vancouver: Copy

Mohammadipour Ali, Salmanpour Zonouz Ali, Fakhr Hosseini Seyed Fakhreddin. The Effect of Shocks in Monetary Base and Government Oil Revenues on the Iranian Economy Using Dynamic Stochastic General Equilibrium Model. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2020;10(39 ):93-112. Available from: https://sid.ir/paper/374843/en

IEEE: Copy

Ali Mohammadipour, Ali Salmanpour Zonouz, and Seyed Fakhreddin Fakhr Hosseini, “The Effect of Shocks in Monetary Base and Government Oil Revenues on the Iranian Economy Using Dynamic Stochastic General Equilibrium Model,” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 10, no. 39 , pp. 93–112, 2020, [Online]. Available: https://sid.ir/paper/374843/en

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