we compare alternative monetary policies for iranian economy that this paper compares alternative monetary policy rules for iranian economy in faces to both internal and external shocks. for this purpose, we investigate the responses of macroeconomic variables respected to the money base and the terms of trade shocks, under three types of monetary rules including fixed exchange rate, inflation ...

In this analysis the interdependence between foreign exchange markets and stock markets for selected accession and cohesion countries is discussed. This includes basic theoretical approaches. Monthly data for the nominal stock market indices and nominal exchange rates are used, where Ireland, Portugal, Spain, Greece, Poland, Czech Republic, Slovenia, and Hungary are included in the analysis. Fr...

This paper develops a Bertrand price competition model with di erentiated goods in which export subsidies are compared to exchange rate depreciation as di erent government policies for promoting exports. National governments may wish to help domestic rms to expand market shares in pro table areas and might do this through either one of these two tools.Their e ects on equilibrium values are anal...

Experts believe that by lowering the interest rate on bank accounts, total cost of goods and services decreases, and secondly, investment production increases,  both of which lead to lower inflation and provide stable employment field, on the other hand, are concerned about the negative effects of lowering the interest rate without lowering inflation and know the underlying requirement of nomin...

a r t i c l e i n f o This paper proposes a hybrid monetary model of the dollar–yen exchange rate that takes into account factors affecting the conventional monetary model's building blocks. In particular, the hybrid monetary model is based on the incorporation of real stock prices to enhance money demand stability and also, productivity differential, relative government spending, and real oil ...

a r t i c l e i n f o This paper introduces a strategy to model a small open economy, whose central bank has established two simultaneous policy objectives: an inflation target, and a maximum limit for nominal exchange rate volatility. In line with the Tinbergen–Aoki condition, the monetary authority establishes two policy instruments, one for accomplishing each target: the monetary policy rate...

This paper documents a new " stylized fact " regarding commodity prices using alternative datasets covering the period from 1880 to 1996: The volatility of real commodity prices, defined as nominal commodity prices deflated by the manufacturing unit value index, is higher under flexible-exchange rate regimes than fixed-exchange rate regimes. Furthermore, changes in exchange regime are associate...