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کاربرد نوع شرط:
- جایگاه : پژوهشی
- مجله: International Economics Studies
- نوع مقاله: Journal Article
- کلمات کلیدی: Productivity shocks,Monetary Arithmetic,Weighted average of interest (profit) rate,Fiscal Theory of Price Level (FTPL),public debt
- چکیده:
- چکیده انگلیسی: Governments attempt to achieve the goals of low inflation rate and sustainable economic growth rate. The objective of this study is to analyze the roles of determinants such as the liquidity of money, weighted average of interest (profit) rate on banking deposits, exchange rate and the public debt on inflation and economic growth in Iran, using the quarterly data during the period of 1989-2008. This study is based on the theoretical works of the Sargent and Wallace (1981) by focusing on the âFiscal Theory of Price Level (FTPL)â approach. In this study, through relying on the structural relationship between variables and economic shocks, while applying the required constraints, the constructed models are estimated by VECM and SVEM methods. Findings of the study are consistent with both the quantity theory of money as it was interpreted with Sargent and Wallace (1981) and the FTPL. More specifically, the inflation rate is largely affected by monetaryâexchange rate policies as well as by fiscal policy. Although, the weighted average of interest sate does not play a significant role in the longârun relationship, a rise in public debt through increasing the liquidity of money plays a significant role in rising price level. But, a significant long sun relationship between the changes in the liquidity of money, interest rate, the public debt and the change in output level does not exist. The economic growth does respond mainly to the technological shocks and factors productivity improvements. In general, we conclude that the inappropriate monetary and exchange rate policies and the rise in public debt through fiscal policy are the main determinants of the inflation rate in the Iranian economy.JEL Classification : E61, E63
- انتشار مقاله: 25-03-1395
- نویسندگان: Sara Ghobadi,Akbar Komijani
- مشاهده
- جایگاه : پژوهشی
- مجله: International Economics Studies
- نوع مقاله: Journal Article
- کلمات کلیدی: Productivity shocks,Monetary Arithmetic,Weighted average of interest (profit) rate,Fiscal Theory of Price Level (FTPL),public debt
- چکیده:
- چکیده انگلیسی: Governments attempt to achieve the goals of low inflation rate and sustainable economic growth rate. The objective of this study is to analyze the roles of determinants such as the liquidity of money, weighted average of interest (profit) rate on banking deposits, exchange rate and the public debt on inflation and economic growth in Iran, using the quarterly data during the period of 1989-2008. This study is based on the theoretical works of the Sargent and Wallace (1981) by focusing on the âFiscal Theory of Price Level (FTPL)â approach. In this study, through relying on the structural relationship between variables and economic shocks, while applying the required constraints, the constructed models are estimated by VECM and SVEM methods. Findings of the study are consistent with both the quantity theory of money as it was interpreted with Sargent and Wallace (1981) and the FTPL. More specifically, the inflation rate is largely affected by monetaryâexchange rate policies as well as by fiscal policy. Although, the weighted average of interest sate does not play a significant role in the longârun relationship, a rise in public debt through increasing the liquidity of money plays a significant role in rising price level. But, a significant long sun relationship between the changes in the liquidity of money, interest rate, the public debt and the change in output level does not exist. The economic growth does respond mainly to the technological shocks and factors productivity improvements. In general, we conclude that the inappropriate monetary and exchange rate policies and the rise in public debt through fiscal policy are the main determinants of the inflation rate in the Iranian economy.JEL Classification : E61, E63
- انتشار مقاله: 25-03-1395
- نویسندگان: Sara Ghobadi,Akbar Komijani
- مشاهده
- جایگاه : پژوهشی
- مجله: Advances in Mathematical Finance and Application
- نوع مقاله: Journal Article
- کلمات کلیدی: New Keynesian,Monetary and Fiscal policy,Generalized Methods of Moments
- چکیده:
- چکیده انگلیسی: This paper examines monetary and fiscal policy through the estimation of a New-Keynesian dynamic general equilibrium model for Iran’s economy. In this New-Keynesian dynamic general equilibrium model, the consumers encounter the liquidity constraint and the firms face sticky prices, while they are changing them. In the model presented, a role is considered for both government spending and taxation, besides the monetary rule. Then, the model is estimated using Iran's data over the period of 2002-2017, through the method of generalized moments which leads into valuable insight. The results indicate that aggregate demand reacts to changes in interest rates. When inflation occurs, regardless of its source, it is persistent and inertia.The monetary policy has a forward-looking behavior. The output gap with a lag has a negative effect on government spending and the short-term impact of the output gap on government spending is smaller than its impact on taxation (Tax responses to the output gap are stronger and positive).
- انتشار مقاله: 14-02-1398
- نویسندگان: Maryam Sharifnezhad,Sadegh Bakhtiari Koohsorkhi,Sara Ghobadi
- مشاهده