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:: Volume 25, Issue 84 (quartery journal of Economic Research and Policies 2018) ::
3 2018, 25(84): 99-128 Back to browse issues page
Asymmetric Effects of Liquidity Shock on Real Nonoil-output in Iran
Hamid Kurdbacheh , Mehri Kabirian
Associate Professor Alzahra university , h.kurdbacheh@alzahra.ac.ir
Abstract:   (464 Views)

This paper examines the existence of asymmetry in the monetary policy effect on real nonoil-output in Iran during 1978-2014. In this order, the Markov switching model is applied to answer the question that does monetary policy have the same effect regardless of the current phase of economic fluctuations. In another word, if it is assumed that the economy is in a recession period, does an increase in liquidity raise the probability of a boom? Indeed, we want to examine of monetary policy effects on the economy when it can turn the economy condition from a recession to a boom. The results show that asymmetric effect of monetary policy on the real nonoil output is evident in Iran's economy. The findings indicate a negative liquidity shock reduces the nonoil output growth, and this reduction is more when it happens in a boom. In contrast, a positive liquidity shock improves the nonoil output growth, and its positive effects are stronger during recessions.
 

Keywords: Iran, Monetary Policy, Markov switching model, recession & expansion.  
Full-Text [PDF 908 kb]   (162 Downloads)    
Type of Study: Research | Subject: Special
Received: 2016/09/23 | Accepted: 2018/03/11 | Published: 2018/03/11
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Kurdbacheh H, Kabirian M. Asymmetric Effects of Liquidity Shock on Real Nonoil-output in Iran . 3. 2018; 25 (84) :99-128
URL: http://qjerp.ir/article-1-1578-en.html


Volume 25, Issue 84 (quartery journal of Economic Research and Policies 2018) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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