Effects of Fiscal and Monetary Policies on the Iranian Economy: An Optimal Control Approach
محل انتشار: مطالعات بین المللی اقتصاد، دوره: 37، شماره: 2
سال انتشار: 1390
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 289
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شناسه ملی سند علمی:
JR_IESUI-37-2_005
تاریخ نمایه سازی: 31 فروردین 1400
چکیده مقاله:
This paper evaluates the interacted effects of the fiscal and monetary policies on the nominal and real macro-variables of the Iranian economy. Our analysis is thus based on the optimal control theory by which the optimal path of the control variables including monetary and fiscal tools are determined over the period 1963-2006. We also use a macro-econometric model in form of a simultaneous equation system to investigate interaction between both real and money (nominal) sectors. Due to the importance of the foreign sector in the country economic development, several scenarios have been conducted particularly on imports. The empirical results indicate that a focus simultaneously on both monetary and fiscal policies should cause an optimal control of the objective variables to reach approximately their appropriate values. This would be happened as a result of a productive relationship between the government and the central bank. JEL Classification: C32, C61, E52, E63.
کلیدواژه ها:
Macro-econometric Model ، Optimal Control Theory ، F iscal and Monetary Policies ، Simultaneous Equations system ، Macro ، econometric Model
نویسندگان
Mostafa Rajabi
Azad University, Khomeini Shahr Branch, Isfahan
Homayoun Ranjbar
Islamic Azad University, Khorasgan Branch, Isfahan
Fojan Tadyon
Islamic Azad University, Khorasgan Branch, Isfahan