DETERMINING THE OPTIMAL MONETARY AND FISCAL POLICY RULES IN IRAN’S ECONOMY

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FARAZMAND HASAN; GHORBANNEZHAD MOJTABA; POURJAVAN ABDOLAH

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Paper Information

Journal: Journal of Economic Research and Policies Year:2013 | Volume:21 | Issue:67 Page(s): 69-88

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Title

DETERMINING THE OPTIMAL MONETARY AND FISCAL POLICY RULES IN IRAN’S ECONOMY

Author(s)

FARAZMAND HASAN | GHORBANNEZHAD MOJTABA | POURJAVAN ABDOLAH | Issue Writer Certificate

Keywords

PRICE REFORM OF ENERGY CARRIERSQ2

ECONOMY OF IRANQ2

OPTIMAL CONTROL THEORYQ2

OPTIMAL MONETARY AND FISCAL POLICY RULESQ2

Abstract

This study aims to determine the OPTIMAL MONETARY AND FISCAL POLICY RULES in order to stabilize production, inflation and income distribution during the implementation of energy prices reform scheme. In this regard, using the OPTIMAL CONTROL THEORY, a loss function of the monetary and fiscal policymakers which included inflation rate, output gap rate, the Gini coefficient, the deviation of the volume of liquidity growth and the deviation of the volume of government spending growth from the previous period, were minimized using the three constraint equations of Phillips, aggregate demand and income distribution curves. By solving constraints optimization problem with optimal rules in a macroeconomic model, the optimal values from 2011 to 2015 have been estimated.The results suggest that using the OPTIMAL MONETARY AND FISCAL POLICY RULES, we can improve the performance of the targeted macroeconomics variables even during the implementation of energy prices reform scheme. By adopting optimal rules, inflation, as one of the important problems of the ECONOMY OF IRAN, could be controlled.Moreover, the performance of macroeconomic variables such as economic growth and income distribution could also be improved.

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APA: Copy

FARAZMAND, HASAN, GHORBANNEZHAD, MOJTABA, & POURJAVAN, ABDOLAH. (2013). DETERMINING THE OPTIMAL MONETARY AND FISCAL POLICY RULES IN IRAN’S ECONOMY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 21(67), 69-88. SID. https://sid.ir/paper/89443/en

Vancouver: Copy

FARAZMAND HASAN, GHORBANNEZHAD MOJTABA, POURJAVAN ABDOLAH. DETERMINING THE OPTIMAL MONETARY AND FISCAL POLICY RULES IN IRAN’S ECONOMY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2013;21(67):69-88. Available from: https://sid.ir/paper/89443/en

IEEE: Copy

HASAN FARAZMAND, MOJTABA GHORBANNEZHAD, and ABDOLAH POURJAVAN, “DETERMINING THE OPTIMAL MONETARY AND FISCAL POLICY RULES IN IRAN’S ECONOMY,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 21, no. 67, pp. 69–88, 2013, [Online]. Available: https://sid.ir/paper/89443/en

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