The Comparative Study of the Impacts of Monetary and Fiscal Policies on the Economy of Iran: DSGE Model Approach

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SAADATMEHR MASOUD; GHAFFARI HADI

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Journal: Journal of Economic Studies and Policies Year:2019 | Volume:6 | Issue:1 (11) Page(s): 51-74

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Title

The Comparative Study of the Impacts of Monetary and Fiscal Policies on the Economy of Iran: DSGE Model Approach

Author(s)

SAADATMEHR MASOUD | GHAFFARI HADI | Issue Writer Certificate

Keywords

Monetary PolicyQ2

Fiscal PolicyQ2

General EquilibriumQ1

MonetaryshockQ1

Financial shockQ1

Abstract

In Keynesian theory, Fiscal Policy is more efficient than Monetary Policy. While some other schools, such as monetarism, believe greater efficiency for monetary policies. The question of which of the monetary and financial policies in Iran's economy is more efficient is the central question that the present study seeks to answer. In this study, the impact of changes in money supply as Monetary Policy representative and changes in government spending as Fiscal Policy representative have been investigated on Iran's economy. The research has been done in the framework of a new Keynesian dynamic stochastic General Equilibrium model using time series data during 1979-2013. The economy's General Equilibrium contains 15 equations which have been extracted from behaviors optimization of households and firms besides government and Central Bank policy rules. Parameters estimation has been done by using Bayesian method and calibration. The results showed that the shock of increasing the volume of money increased production, investment, employment and inflation. Also, the shock of increasing government spending increased production, employment and inflation but reduced investment. Results indicate that the impact of government spending shock is more than the money supply shock. Also, durability of government spending shock is more than the same in money supply shock.

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APA: Copy

SAADATMEHR, MASOUD, & GHAFFARI, HADI. (2019). The Comparative Study of the Impacts of Monetary and Fiscal Policies on the Economy of Iran: DSGE Model Approach. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 6(1 (11) ), 51-74. SID. https://sid.ir/paper/392555/en

Vancouver: Copy

SAADATMEHR MASOUD, GHAFFARI HADI. The Comparative Study of the Impacts of Monetary and Fiscal Policies on the Economy of Iran: DSGE Model Approach. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2019;6(1 (11) ):51-74. Available from: https://sid.ir/paper/392555/en

IEEE: Copy

MASOUD SAADATMEHR, and HADI GHAFFARI, “The Comparative Study of the Impacts of Monetary and Fiscal Policies on the Economy of Iran: DSGE Model Approach,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 6, no. 1 (11) , pp. 51–74, 2019, [Online]. Available: https://sid.ir/paper/392555/en

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