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:: Volume 26, Issue 88 (Quarterly journal of EconomicResearch and policies 2019) ::
qjerp 2019, 26(88): 209-244 Back to browse issues page
Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach
Ali Vafamand * , Jafar Haghighat , Firuz Fallahi , Zahra Karimi
tabriz university , vafamand.ali@gmail.com
Abstract:   (3364 Views)
 
Considering the importance of implementing monetary policy in any economy, its impact on the main economic variables, including production, is very crucial. This paper examines and analyzes the effects of positive and negative monetary shocks on production in Iran using the MS-DSGE model during the period of 1979-2004. The results of this study indicate that positive and negative monetary policies in the recession periods, as well as boom periods, have asymmetric effects on the growth of domestic production. The effect of positive and negative monetary shocks on production is higher during the recession than during the boom. Generally, the monetary shocks are more effective during the boom than the recession. Accordingly, it is suggested that to achieve the economic goals policymakers should implement their policies during the economic recessions.
Keywords: Dynamic Stochastic General Equilibrium, Markov-Switching, Monetary Shock.
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Type of Study: Research | Subject: Special
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vafamand A, haghighat J, fallahi F, karimi Z. Investigation of the Effects of Monetary Shocks on Output: Markov-switching DSGE Approach . qjerp 2019; 26 (88) :209-244
URL: http://qjerp.ir/article-1-1882-en.html


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Volume 26, Issue 88 (Quarterly journal of EconomicResearch and policies 2019) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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