THE INVESTIGATION OF THE BEHAVIOR OF MONETARY AND FISCAL POLICY IN IRANIAN ECONOMY USING MARKOV SWITCHING APPROACH

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MADDAH MAJID; TALEBBEIDOKHTI AZADEH

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Journal: Journal of Economic Research and Policies Year:2015 | Volume:23 | Issue:75 Page(s): 167-187

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Title

THE INVESTIGATION OF THE BEHAVIOR OF MONETARY AND FISCAL POLICY IN IRANIAN ECONOMY USING MARKOV SWITCHING APPROACH

Author(s)

MADDAH MAJID | TALEBBEIDOKHTI AZADEH | Issue Writer Certificate

Keywords

MONETARY POLICYQ2

FISCAL POLICYQ2

MARKOV SWITCHING MODELQ1

IRANIAN ECONOMYQ2

Abstract

In this study, the behavior of monetary and FISCAL POLICY in the IRANIAN ECONOMY has been investigated during the period of 1360 to 1392 using MARKOV SWITCHING MODEL. For this purpose, the monetary and FISCAL POLICY rules has been used in which the growth rate of liquidity and the tax revenues are as instruments of the monetary and fiscal policies. The results from the likelihood ratio test show that both the fiscal and MONETARY POLICY rules in the IRANIAN ECONOMY follow a regime switching model.Based on the results from the estimation of fiscal and monetary policies rules using a MARKOV SWITCHING MODEL, the period of study divided into three periods in the years of 1360 to 1364, both monetary and FISCAL POLICYmakers have faced with passive monetary and fiscal policies, so that, they did not have an adaptive behavioral interaction with each other. During the years of 1365 to 1387, the IRANIAN ECONOMY has faced with the passive MONETARY POLICY but an active FISCAL POLICY, So that, in this period, the MONETARY POLICYmaker has no powerful reaction in adjustment of its policy instruments to increasing inflation at the same time, increasing the outstanding debt of government decreases the tax revenues and increases the budget deficit. Finally, in the period of 1388 to 1392, the policymakers follow the passive monetary and fiscal policies

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APA: Copy

MADDAH, MAJID, & TALEBBEIDOKHTI, AZADEH. (2015). THE INVESTIGATION OF THE BEHAVIOR OF MONETARY AND FISCAL POLICY IN IRANIAN ECONOMY USING MARKOV SWITCHING APPROACH. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 23(75), 167-187. SID. https://sid.ir/paper/89634/en

Vancouver: Copy

MADDAH MAJID, TALEBBEIDOKHTI AZADEH. THE INVESTIGATION OF THE BEHAVIOR OF MONETARY AND FISCAL POLICY IN IRANIAN ECONOMY USING MARKOV SWITCHING APPROACH. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2015;23(75):167-187. Available from: https://sid.ir/paper/89634/en

IEEE: Copy

MAJID MADDAH, and AZADEH TALEBBEIDOKHTI, “THE INVESTIGATION OF THE BEHAVIOR OF MONETARY AND FISCAL POLICY IN IRANIAN ECONOMY USING MARKOV SWITCHING APPROACH,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 23, no. 75, pp. 167–187, 2015, [Online]. Available: https://sid.ir/paper/89634/en

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