The Response of Iran's Macroeconomic Variables to the US Government Spending Shock: GVAR Approach

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GHORBANZAD JAHANGIR; SAADAT RAHMAN; MOHAMMADI TEYMOUR; Abounouri Esmaeil

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Journal: Financial Economics Year:2020 | Volume:14 | Issue:50 Page(s): 91-114

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Title

The Response of Iran's Macroeconomic Variables to the US Government Spending Shock: GVAR Approach

Author(s)

GHORBANZAD JAHANGIR | SAADAT RAHMAN | MOHAMMADI TEYMOUR | Abounouri Esmaeil | Issue Writer Certificate

Keywords

Government Expenditures shocksQ2

Exchange rateQ1

InflationQ1

Real ProductionQ1

GVAR ApproachQ2

Abstract

Iran's economy, which is categorized as small economies in terms of concepts and practices, linked to the world economy through financial and trade channels. Therefore, it is on the radar of monetary and monetary policy shocks of countries with a superior economy such as the American economy. Given the importance of the issue, this study investigated the effects of the positive spillover shock of US government spending on Iran's economic indicators by using the Global Vector Auto Regression (GVAR) approach and seasonal data over the period 1995– 2016. The results show that the spillovers of US financial policy shock (positive government spending shocks) through the trade channel have contributed to the growth and strengthening of the economies of China, the European Union and Japan, which have direct trade relations with the United States; and indirectly, by increasing the oil price lead to real output growth, Inflation rate and real Exchange rate rises in the Iran's economy.

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APA: Copy

GHORBANZAD, JAHANGIR, SAADAT, RAHMAN, MOHAMMADI, TEYMOUR, & Abounouri, Esmaeil. (2020). The Response of Iran's Macroeconomic Variables to the US Government Spending Shock: GVAR Approach. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), 14(50 ), 91-114. SID. https://sid.ir/paper/379942/en

Vancouver: Copy

GHORBANZAD JAHANGIR, SAADAT RAHMAN, MOHAMMADI TEYMOUR, Abounouri Esmaeil. The Response of Iran's Macroeconomic Variables to the US Government Spending Shock: GVAR Approach. JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT)[Internet]. 2020;14(50 ):91-114. Available from: https://sid.ir/paper/379942/en

IEEE: Copy

JAHANGIR GHORBANZAD, RAHMAN SAADAT, TEYMOUR MOHAMMADI, and Esmaeil Abounouri, “The Response of Iran's Macroeconomic Variables to the US Government Spending Shock: GVAR Approach,” JOURNAL OF FINANCIAL ECONOMICS (FINANCIAL ECONOMICS AND DEVELOPMENT), vol. 14, no. 50 , pp. 91–114, 2020, [Online]. Available: https://sid.ir/paper/379942/en

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