Nonlinear Correlation between Business Cycles and Monetary Policy in Iranian Economy

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Jalalpoor Ata; abtahi sayed yahya; Totonchi Jalil; Dehghan Tafti Mohamad Ali

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Paper Information

Journal: Journal of Economic Studies and Policies Year:2021 | Volume:7 | Issue:2 (14) Page(s): 81-106

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Information Journal Paper

Title

Nonlinear Correlation between Business Cycles and Monetary Policy in Iranian Economy

Author(s)

Jalalpoor Ata | abtahi sayed yahya | Totonchi Jalil | Dehghan Tafti Mohamad Ali | Issue Writer Certificate

Keywords

Monetary Policy

Business Cycles

Output Gap

Inflation

Cristiano-Filzgerald (CF) Pass Filter

Markov Switching Method (MS)

Abstract

Monetary Policy opposed to business cycle is a policy that economists propose to reduce economic volatility. The purpose of this paper is to investigate the nonlinear correlation between business cycle and Monetary Policy in Iranian economy. For this purpose, statistical data of the period 1368-1397 were used based on the frequency of seasonal data. The approach used in this paper is to use the Cristiano-FiltersGeral (CF) pass-through filter to derive the business cycle, use the Kalman filter to estimate the target Inflation rate, and the Markov Switching (MS) method to estimate the monetary response function over the period. The trade was in the gap of production and Inflation. The results of this study indicate that the Monetary Policy maker's reaction to the Output Gap and Inflation was negative and significant, but the intensity of the reaction was quite different during the boom and stagnation period, indicating a nonlinear relationship between economic variables during the business cycle and Monetary Policy has been in the Iranian economy.

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APA: Copy

Jalalpoor, Ata, abtahi, sayed yahya, Totonchi, Jalil, & Dehghan Tafti, Mohamad Ali. (2021). Nonlinear Correlation between Business Cycles and Monetary Policy in Iranian Economy. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 7(2 (14) ), 81-106. SID. https://sid.ir/paper/953183/en

Vancouver: Copy

Jalalpoor Ata, abtahi sayed yahya, Totonchi Jalil, Dehghan Tafti Mohamad Ali. Nonlinear Correlation between Business Cycles and Monetary Policy in Iranian Economy. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2021;7(2 (14) ):81-106. Available from: https://sid.ir/paper/953183/en

IEEE: Copy

Ata Jalalpoor, sayed yahya abtahi, Jalil Totonchi, and Mohamad Ali Dehghan Tafti, “Nonlinear Correlation between Business Cycles and Monetary Policy in Iranian Economy,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 7, no. 2 (14) , pp. 81–106, 2021, [Online]. Available: https://sid.ir/paper/953183/en

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