This paper focuses on long-run estimation of the price equation in the United States for the period of 1973Q1-2011Q3. It was found the Sargent and Wallace view that an easy monetary policy today will result in a lower price level over the long run when debt and deficit exist is true for the United Sates. Furthermore, it was found that, over the long run, a higher real exchange rate, government ...

this paper examines the effects of agricultural land productivity improvement on the economy of iran assuming that the domestic and international trade liberalizations will open up the opportunities to expand market access. a 25-sector computable general equi-librium model was developed to simulate the effects of this policy. the simulation results indicate that enhancing agricultural land prod...

a r t i c l e i n f o JEL classification: E31 E44 E52 Keywords: Monetary policy rule Nonlinear model Stock market Structural break Time-varying coefficient This paper introduces nonlinearity and a structural break to the US forward-looking Taylor rule with a stock price gap, thereby alleviating the robustness problem that the linear Taylor rule is sensitive to minor changes of the sample period...

Following recent episodes of financial distress, the interaction between monetary policy and asset price fluctuations has gained renewed attention. Here, we assess the role of asset price misalignments in monetary policy in an adaptive learning context. Our model first extends Bullard and Mitra (2002), including an additional role for asset prices. From the point of view of the E-Stability crit...

The present study attempts to estimate the shadow price of unextracted groundwater in the Vozvozi aquifer. In the context of this study, we model the production function of vertically integrated agricultural firms in terms of an input-oriented distance function with multiple inputs. Duality theory is employed in order to extract information regarding the in situ shadow price of groundwater. Thi...

the objective of this work is to analyze the effects of decrease in water subsidies (increase in the price of the water) on various economic sectors in order to promote the conservation of this resource based on the actual price of water. but over the past decades, various subsidizing methods hold the cost of water down. on the other hand, the indiscriminate use of these resources led the gover...