Assessment of Time Inconsistency of Monetary Policy in the Approach of Exchange Rate Targeting Rule in Iran

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Rahimzadeh Namvar Mohsen; KHALILI ARAGHI MANSOUR

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Journal Paper

Paper Information

Journal: Journal of Economic Studies and Policies Year:2020 | Volume:7 | Issue:1 (13) Page(s): 177-202

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Information Journal Paper

Title

Assessment of Time Inconsistency of Monetary Policy in the Approach of Exchange Rate Targeting Rule in Iran

Author(s)

Rahimzadeh Namvar Mohsen | KHALILI ARAGHI MANSOUR | Issue Writer Certificate

Keywords

Exchange Rate

inflation rate

Time inconsistency

Commitment Policy

Discretion

Abstract

This research assesses the Time inconsistency of monetary policy in Iran using the Exchange Rate targeting approach. The level of alignment of Nominal anchor (money growth) with the actual values of the economy indicates weak credibility of monetary policy. The empirical model uses seasonal data for the period of 1989-2017 based on generalized method of moments (GMM). The results show that the effect of the output gap on the reduction of the Exchange Rate deviation in the floating Exchange Rate is more than the fixed system. It is observed that, contrary to the output, the effect of the inflation rate gap on the Exchange Rate deviation in the floating Exchange Rate system is less than the fixed Exchange Rate system. This suggests that in terms of Exchange Rate targeting and commitment to a ruled monetary policy, the impact of the inflation gap is higher on the Exchange Rate gap in the fixed Exchange Rate system compare to floating one.

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APA: Copy

Rahimzadeh Namvar, Mohsen, & KHALILI ARAGHI, MANSOUR. (2020). Assessment of Time Inconsistency of Monetary Policy in the Approach of Exchange Rate Targeting Rule in Iran. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 7(1 (13) ), 177-202. SID. https://sid.ir/paper/960906/en

Vancouver: Copy

Rahimzadeh Namvar Mohsen, KHALILI ARAGHI MANSOUR. Assessment of Time Inconsistency of Monetary Policy in the Approach of Exchange Rate Targeting Rule in Iran. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2020;7(1 (13) ):177-202. Available from: https://sid.ir/paper/960906/en

IEEE: Copy

Mohsen Rahimzadeh Namvar, and MANSOUR KHALILI ARAGHI, “Assessment of Time Inconsistency of Monetary Policy in the Approach of Exchange Rate Targeting Rule in Iran,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 7, no. 1 (13) , pp. 177–202, 2020, [Online]. Available: https://sid.ir/paper/960906/en

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