Agricultural Economic Dynamics in a Bayesian DSGE Model for Iran

سال انتشار: 1399
محل انتشار: Iranian Economic Review Journal، دوره: 24، شماره: 1
کد COI اختصاصی: JR_IER-24-1_011
زبان مقاله: انگلیسی
تعداد مشاهده: 149

نویسندگان

Department of Agricultural Economics, Shahid Bahonar University of Kerman, Kerman, Iran

چکیده

I ran’s economy is suffering from sharp and persistent economic shocks and agriculture plays an undeniable role in its economic growth and development. The aim of this paper is to study the relative contributions of various macroeconomic shocks to generating fluctuations in Iran’s agriculture sector. To do so, a Dynamic Stochastic General Equilibrium (DSGE) model, emphasizing on the agricultural sector, is developed. The model is estimated with Bayesian techniques using ۹ macroeconomic variables. The findings indicate that agricultural productivity shock is the main driver of the economic fluctuations in the sector. Monetary shock and, to a lesser extent, government spending, preference and labor supply shocks, however, play an important role in agricultural dynamics. The two other shocks considered (oil revenue and money demand) are of less importance relatively. The historical decomposition shows after ۲۰۰۹, when imposed economic sanctions against Iran increase, the monetary shock becomes one of the main sources in explaining agricultural fluctuations. The results further confirm the symptoms of Dutch Disease (DD) in Iran’s agriculture.

کلیدواژه ها

Keywords: Agricultural Sector, Macroeconomic Shocks, DSGE Model, Bayesian Techniques, Iran. JEL Classification: C۶۹, N۵

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