THE EFFECTS OF OIL PRICE SHOCKS ON MONETARY POLICY IN IRAN

Ebrahim Siami and Fatemeh Fahimifar
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Fatemeh Fahimifar: Islamic Azad University, Central Tehran Branch, Iran

No 2010-062, International Conference on Business and Economic Research (ICBER 2010) Proceeding from Conference Master Resources

Abstract: Changes and increases in the price of oil are effective on the aggregate economic. So, it's important to study on oil price shocks, because they affect on economic growth& monetary policy. In this paper a structural and generalized VAR modeless has been considered for Iran in order to study the direct effects of oil price shocks on output and prices and reaction of monetary variables to external shocks over the period 1991:I–2008:I (1370:I_1386: IV). Empirical analysis shows that inflation rate increase and exchange rate decrease and gross domestic product has fluctuations.

Keywords: Oil price shocks; monetary policy (search for similar items in EconPapers)
JEL-codes: E31 E32 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2010-03
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Published in Proceeding of ICBER 2010, March 2010

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