Financial Cycles and Monetary Policy in Iran's Economy

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Taheri Bazkhaneh Saleh; EHSANI MOHAMMAD ALI; GILAK Hakim Abadi Mohammad Taghi; Farzinvash Asodollah

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Journal: Journal of Economic Research and Policies Year:2020 | Volume:28 | Issue:95 Page(s): 307-341

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Title

Financial Cycles and Monetary Policy in Iran's Economy

Author(s)

Taheri Bazkhaneh Saleh | EHSANI MOHAMMAD ALI | GILAK Hakim Abadi Mohammad Taghi | Farzinvash Asodollah | Issue Writer Certificate

Keywords

Financial Cycles

Monetary Policy

New Keynesian model

Abstract

The global financial crisis in 2007 showed that financial variables from different channels could exacerbate business cycle fluctuations. From the perspective of modeling in the economy, the models that assumed financial markets without friction lost their credibility. Accordingly, the correct response of the monetary authorities to the Financial Cycles has become one of the theoretical and political concerns. Therefore, the present study examines the effects of the central bankchr('39')s reaction to Financial Cycles during the period of 1369: 1 to 1395: 4 implementing several counterfactual simulations within the framework of the New Keynesian model. The results in different scenarios indicated that the more sensitive the central bank is to the financial cycle, the output will have less affects by financial shocks. However, inflation will respond to the shock of the financial sector with more fluctuations; therefore, it seems that Monetary Policy in Iran cannot reduce the effects of financial shock on macroeconomics solely through a change in the monetary base.

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APA: Copy

Taheri Bazkhaneh, Saleh, EHSANI, MOHAMMAD ALI, GILAK Hakim Abadi, Mohammad Taghi, & Farzinvash, Asodollah. (2020). Financial Cycles and Monetary Policy in Iran's Economy. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 28(95 ), 307-341. SID. https://sid.ir/paper/959730/en

Vancouver: Copy

Taheri Bazkhaneh Saleh, EHSANI MOHAMMAD ALI, GILAK Hakim Abadi Mohammad Taghi, Farzinvash Asodollah. Financial Cycles and Monetary Policy in Iran's Economy. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2020;28(95 ):307-341. Available from: https://sid.ir/paper/959730/en

IEEE: Copy

Saleh Taheri Bazkhaneh, MOHAMMAD ALI EHSANI, Mohammad Taghi GILAK Hakim Abadi, and Asodollah Farzinvash, “Financial Cycles and Monetary Policy in Iran's Economy,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 28, no. 95 , pp. 307–341, 2020, [Online]. Available: https://sid.ir/paper/959730/en

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