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Information Journal Paper

Title

Monetary Policy Efficiency Under Economic Uncertainty (Research in Iranian Economy)

Pages

  15-34

Keywords

Symbiotic Organisms Search Algorithm (SOS) 
Interactive Vector Autoregressive (IVAR) 

Abstract

 In the present study, the effect of economic uncertainty on the efficiency of monetary policy has been investigated using data from the first quarter of 1990 to the fourth quarter of 2017. For the purpose of the present study, first, we determine the Optimal Economic Uncertainty Index by using SOS search algorithm. After determining the Optimal Economic Uncertainty Index, the Interaction Vector Autoregressive (IVAR) approach used to calculate the impulse response functions (IRFs) of inflation and production variables to the shock of 􀜯 􀬵 variable under high and low uncertainty levels. The results show that under different levels of uncertainty, the response of production and inflation to the shock of 􀜯 􀬵 variable is different, so that the response of production variable under low uncertainty is higher than the high uncertainty level, while the response of Inflation is reversed, meaning that the response to this shock, under high uncertainty is higher than the low uncertainty level.

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    • Cite

    APA: Copy

    ALAEI, REZA, SALAHMANESH, AHMAD, & Arman, Seyyed Aziz. (2021). Monetary Policy Efficiency Under Economic Uncertainty (Research in Iranian Economy). JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 11(41 ), 15-34. SID. https://sid.ir/paper/965000/en

    Vancouver: Copy

    ALAEI REZA, SALAHMANESH AHMAD, Arman Seyyed Aziz. Monetary Policy Efficiency Under Economic Uncertainty (Research in Iranian Economy). JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2021;11(41 ):15-34. Available from: https://sid.ir/paper/965000/en

    IEEE: Copy

    REZA ALAEI, AHMAD SALAHMANESH, and Seyyed Aziz Arman, “Monetary Policy Efficiency Under Economic Uncertainty (Research in Iranian Economy),” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 11, no. 41 , pp. 15–34, 2021, [Online]. Available: https://sid.ir/paper/965000/en

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