THE IMPACT OF FISCAL POLICIES ON MACROECONOMIC INDEXES UNDER ENDOGENOUS MONETARY POLICIES IN IRAN

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JAFARI SAMIMI A.; TEHRANCHIAN A.M.

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Journal: KNOWLEDGE AND DEVELOPMENT Year:2006 | Volume:- | Issue:18 Page(s): 11-29

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Title

THE IMPACT OF FISCAL POLICIES ON MACROECONOMIC INDEXES UNDER ENDOGENOUS MONETARY POLICIES IN IRAN

Author(s)

JAFARI SAMIMI A. | TEHRANCHIAN A.M. | Issue Writer Certificate

Keywords

FIXED EXCHANGE RATE REGIMEQ3

CRAWLING PEG EXCHANGE SYSTEMQ3

STOCHASTIC OPTIMUM CONTROL (OPTCON)Q3

AND OPTIMUM FISCAL POLICIESQ3

Abstract

The Purpose of the present paper is to determine the optimum quantitative fiscal policies and their impacts on macroeconomic variables of Iran in the absence of any active monetary tool during 2001-2005. To do so, the authors have used Stochastic Optimum Control Algorithm (OPTCON): in this method, a dynamic programming and Bellman equations were used in order to minimize sequences of deviations between the actual and targeted values of macroeconomic variables such as economic growth, inflation, rate, unemployment rate, the rate of budget deficit to GDP and the trade balance by a dynamic macro-econometric equation system. The Optimization results shows that under the fixed and crawling peg exchange regimes in which monetary policies are endogenous and inactive, the optimum fiscal policies are more expansionary than proposed values in the third economic plan. Also in the absence of monetary policy accommodation, the variables such as unemployment rate, budget deficit, and the inflation rate are badly suffered. Based on the finding of the paper the usage of a flexible exchange system and also the effective accommodation of monetary policies are recommended for the 4th Iranian development plan (2005-2009).

Cites

INVESTIGATE THE EFFECT STOCK PRICE SHOCKS ON THE VOLATILITY OF CURRENT ACCOUNT

References

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APA: Copy

JAFARI SAMIMI, A., & TEHRANCHIAN, A.M.. (2006). THE IMPACT OF FISCAL POLICIES ON MACROECONOMIC INDEXES UNDER ENDOGENOUS MONETARY POLICIES IN IRAN. KNOWLEDGE AND DEVELOPMENT, -(18), 11-29. SID. https://sid.ir/paper/75840/en

Vancouver: Copy

JAFARI SAMIMI A., TEHRANCHIAN A.M.. THE IMPACT OF FISCAL POLICIES ON MACROECONOMIC INDEXES UNDER ENDOGENOUS MONETARY POLICIES IN IRAN. KNOWLEDGE AND DEVELOPMENT[Internet]. 2006;-(18):11-29. Available from: https://sid.ir/paper/75840/en

IEEE: Copy

A. JAFARI SAMIMI, and A.M. TEHRANCHIAN, “THE IMPACT OF FISCAL POLICIES ON MACROECONOMIC INDEXES UNDER ENDOGENOUS MONETARY POLICIES IN IRAN,” KNOWLEDGE AND DEVELOPMENT, vol. -, no. 18, pp. 11–29, 2006, [Online]. Available: https://sid.ir/paper/75840/en

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