Investigation And Evaluation Of Monetary Policy Transmission Channels In The Iranian Economy

Advances in Mathematical Finance and Applications

مقاله 12، دوره 9، شماره 1، اسفند 2023، صفحه 219-240   

نوع مقاله: َApplied-Research Paper

شناسه دیجیتال (DOI): 10.22034/amfa.2022.1913615.1505

نویسندگان

Parisa Rafiei Shamsabadi¹؛ Gholamali Haji^{* 1}؛ seysd fakhrodin Fakhr Hosseini²

¹Department of Economics, Arak Branch, Islamic Azad University, Arak, Iran

²Department of Accounting, Tonekabon Branch, Islamic Azad University, Tonekabon, Iran

چکیده

Monetary policy plays an important role in managing the economy, but success in applying this policy requires that the monetary authority understands the process of monetary transmission in the economy. Thus, it is not possible to study the effects of monetary policy on the economy without studying the channels of monetary policy transmission. Therefore, in this paper, the effect of a monetary policy through different channels of monetary policy transmission on inflation and production in terms of time process and extent of effectiveness by using Iran's data over the period of (1960 to 2018) through the method of new Keynesian dynamic stochastic general equilibrium have been investigated. The accuracy of the model was confirmed by analysing the impulse-response functions and calculating the method of moments of the second order. The results of the model show that the effects of monetary policy shock are transmitted through the nominal growth rate of money, the real exchange rate on inflation and production without oil. Also, this effects by increasing the interest rates on bank deposits through the monetary base lead to increase production without oil, and through the monetary base, the exchange rate and the price index of domestic goods reduce inflation.

کلیدواژه‌ها

DSGE Models؛ Monetary Policy Transmission؛ Variance Decomposition