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Study the effect of the monetary and financial shocks in the real sector of Iran's economy with considering of gharz-al -hasanah deposits in the context of a DSGE model

Solmaz Sadeghpour (), Hassan Heidari () and Seyyed Jamaleddin Mohseni Zenozi ()
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Solmaz Sadeghpour: Ph.D. Student of Economics, Urmia University
Hassan Heidari: Professor of Economics, Urmia University, Faculty of Economics and Management
Seyyed Jamaleddin Mohseni Zenozi: Associate Professor of Economics, Urmia University, Faculty of Economics and Management

Quarterly Journal of Applied Theories of Economics, 2021, vol. 8, issue 1, 89-114

Abstract: In the present study, the aim is to investigate the effect of monetary and financial shocks on the real sector of Iran's economy under two different scenarios. For this purpose, in the framework of DSGE model, after optimizing and extracting the conditions of the first order, the linear-logarithmic shape of the equations has been obtained and the model has been simulated. The results indicate that the fluctuations of the variables under both simulated scenarios are consistent with the theoretical foundations of the economy, which shows the high accuracy of the model in fitting the Iranian economy. On the other hand, the instantaneous reaction functions of the variables show that the assumption of discussing the observance of bank resources and expenditures in the first scenario has significantly reduced the range of economic fluctuations (business cycles) and under this scenario the economy after facing shock. The outsiders are back in balance faster

Keywords: Resources and expenditure of gharz-al-hasanah; Financial shocks; Monetary shocks; DSGE model (search for similar items in EconPapers)
JEL-codes: C22 C53 E32 E52 (search for similar items in EconPapers)
Date: 2021
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