STICKY PRICES, WAGES AND MONETARY POLICY IN THE IRANIAN ECONOMY

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FAKHREHOSSEINI SEYED FAKHREDIN; SHAHMORADI ASGHAR; EHSANI MOHAMMAD ALI

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Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2012 | Volume:12 | Issue:1 Page(s): 1-30

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Title

STICKY PRICES, WAGES AND MONETARY POLICY IN THE IRANIAN ECONOMY

Author(s)

FAKHREHOSSEINI SEYED FAKHREDIN | SHAHMORADI ASGHAR | EHSANI MOHAMMAD ALI | Issue Writer Certificate

Keywords

DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELQ1

CALIBRATIONQ2

STICKY PRICES AND WAGESQ2

Abstract

Fluctuations in fiscal policy affect monetary policy and the central bank, because the government's general budget is highly dependent on oil prices and its fluctuations. Therefore, this paper designs a New Keynesian model for Iran with nominal rigidities (prices and wages) and analyzes the impact of technology, oil price, government spending and money supply shocks on macroeconomic variables (inflation, output) in economy of Iran. The data in this article are related to the fixed prices in the year 2004 and run annually from 1966 to 2008 on a per capita basis. Having logarithms taken, the variables are de-traded through Hodrick-Prescott filter. The final model equations are linearized around the steady state and using Uhlig (1999) approach, accidental equations are also linearized and are specified as space state pattern in Matlab software. Finally, the CALIBRATION of parameters are assessed, variables are simulated and compared with real data. The results show that the recommended model can simulate the impact of shocks on macroeconomic variables. It also shows that inflation rises in response to all shocks except that of technology. As the figures show, it is also revealed that non-oil output increases in response to technology, oil price, government spending and money supply.

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APA: Copy

FAKHREHOSSEINI, SEYED FAKHREDIN, SHAHMORADI, ASGHAR, & EHSANI, MOHAMMAD ALI. (2012). STICKY PRICES, WAGES AND MONETARY POLICY IN THE IRANIAN ECONOMY. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 12(1), 1-30. SID. https://sid.ir/paper/86607/en

Vancouver: Copy

FAKHREHOSSEINI SEYED FAKHREDIN, SHAHMORADI ASGHAR, EHSANI MOHAMMAD ALI. STICKY PRICES, WAGES AND MONETARY POLICY IN THE IRANIAN ECONOMY. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2012;12(1):1-30. Available from: https://sid.ir/paper/86607/en

IEEE: Copy

SEYED FAKHREDIN FAKHREHOSSEINI, ASGHAR SHAHMORADI, and MOHAMMAD ALI EHSANI, “STICKY PRICES, WAGES AND MONETARY POLICY IN THE IRANIAN ECONOMY,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 12, no. 1, pp. 1–30, 2012, [Online]. Available: https://sid.ir/paper/86607/en

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