Analysis of the role of Unconventional Monetary Policy Using the Financial conditions index: The B-VAR Approach

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Mohseni Hadiseh; PAHLAVANI MOSAYEB; SHAHIKI TASH MOHAMMAD NABI; Mirjalili Seyed Hosein

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Paper Information

Journal: JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS) Year:2019 | Volume:10 | Issue:1 Page(s): 211-240

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Title

Analysis of the role of Unconventional Monetary Policy Using the Financial conditions index: The B-VAR Approach

Author(s)

Mohseni Hadiseh | PAHLAVANI MOSAYEB | SHAHIKI TASH MOHAMMAD NABI | Mirjalili Seyed Hosein | Issue Writer Certificate

Keywords

Credit EasingQ2

Iranian EconomyQ1

Bayesian-VAR ModelQ1

Macro VariablesQ2

Abstract

The central banks typically respond to inflationary fluctuations and production gaps by using monetary policy tools. The financial crisis in 2007 indicated that the monetary policy of central banks and pricing tools used to stabilize the economy have not been effective. Thus central banks utilized unconventional monetary policy to achieve financial stability the index of financial conditions indicates the financial climate affecting firms and households. This paper aims to identify and analyze the channel of monetary policy transmission and estimate the effect of the index of financial conditions on Iran's economic activity during the 2005-2017 period. Then, using the forward and backward distribution in the Bayesian VAR model, the impulse variables and immediate response to the financial condition indicator in the period under review are estimated. The findings of the paper indicate that financial conditions have negatively affected GDP and private sector investment, and credit growth has played a significant role in the financial condition index.

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APA: Copy

Mohseni, Hadiseh, PAHLAVANI, MOSAYEB, SHAHIKI TASH, MOHAMMAD NABI, & Mirjalili, Seyed Hosein. (2019). Analysis of the role of Unconventional Monetary Policy Using the Financial conditions index: The B-VAR Approach. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), 10(1 ), 211-240. SID. https://sid.ir/paper/382998/en

Vancouver: Copy

Mohseni Hadiseh, PAHLAVANI MOSAYEB, SHAHIKI TASH MOHAMMAD NABI, Mirjalili Seyed Hosein. Analysis of the role of Unconventional Monetary Policy Using the Financial conditions index: The B-VAR Approach. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS)[Internet]. 2019;10(1 ):211-240. Available from: https://sid.ir/paper/382998/en

IEEE: Copy

Hadiseh Mohseni, MOSAYEB PAHLAVANI, MOHAMMAD NABI SHAHIKI TASH, and Seyed Hosein Mirjalili, “Analysis of the role of Unconventional Monetary Policy Using the Financial conditions index: The B-VAR Approach,” JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), vol. 10, no. 1 , pp. 211–240, 2019, [Online]. Available: https://sid.ir/paper/382998/en

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