|
|
effect of credit easing policy on recovery of iran’s economy: stochastic dynamic general equilibrium model approach
|
|
|
|
|
نویسنده
|
mohsani h ,shahiki tash m. n. ,pahlavani m. ,mirjalili s. h.
|
منبع
|
مطالعات اقتصادي كاربردي ايران - 2023 - دوره : 11 - شماره : 44 - صفحه:9 -37
|
چکیده
|
By utilizing the new keynesian stochastic dynamic general equilibrium model, this paper examines the effects of credit easing policy on macroeconomic variables with or emphasizing on production. for this purpose, a model has been design including 5 sectors of household, enterprises, banks, government and central bank. considering the dominance of fiscal policy over monetary policy in the iranian economy, the integrated constraint of the government and the central bank has been used. the model has been estimated using bayesian method and quarterly time series data during 1991 to 2017. the results of impulse response function show that implementation of this policy has increased consumption, investment, government spending and ultimately production, which indicates the effectiveness of this unconventional monetary policy to get the economy out of recession. also, in response to the positive impulse of the central bank’s credit line to banks and the negative impulse of legal reserves, bank facilities increase, which is in line with theoretical expectations. the impact of the negative impulse of interbank market rate has also led to an increase in production credits.
|
کلیدواژه
|
recession ,credit easing ,dsge model ,credit line ,bayesian method
|
آدرس
|
university of sistan and baluchestan, faculty of economic and management, department of economics, iran, university of sistan and baluchistan, faculty of economics and management, department of economics, iran, zahedanuniversity of sistan and baluchistan, faculty of economics and management, department of economics, iran, institute of humanities and cultural studies, faculty of economics, iran
|
پست الکترونیکی
|
h.jalili@yahoo.com
|
|
|
|
|
|
|
|
|
effect of credit easing policy on recovery of iran’s economy: stochastic dynamic general equilibrium model approach
|
|
|
Authors
|
|
Abstract
|
by utilizing the new keynesian stochastic dynamic general equilibrium model, this paper examines the effects of credit easing policy on macroeconomic variables with or emphasizing on production. for this purpose, a model has been design including 5 sectors of household, enterprises, banks, government and central bank. considering the dominance of fiscal policy over monetary policy in the iranian economy, the integrated constraint of the government and the central bank has been used. the model has been estimated using bayesian method and quarterly time series data during 1991 to 2017. the results of impulse response function show that implementation of this policy has increased consumption, investment, government spending and ultimately production, which indicates the effectiveness of this unconventional monetary policy to get the economy out of recession. also, in response to the positive impulse of the central bank’s credit line to banks and the negative impulse of legal reserves, bank facilities increase, which is in line with theoretical expectations. the impact of the negative impulse of interbank market rate has also led to an increase in production credits.
|
Keywords
|
recession ,credit easing ,dsge model ,credit line ,bayesian method
|
|
|
|
|
|
|
|
|
|
|