The aim of this paper is determination of an optimal policy rule for Iranian economy from an Islamic perspective. This study draws on an Islamic instrument known as the Musharakah contract to design a dynamic stochastic general equilibrium model. In this model the interest rate is no longer considered as a monetary policy instrument and the focus is on the impact of economic shocks on the Dynam...

We consider classical and Bayesian estimation procedures implemented by means of a set of conditional moment conditions that depend on latent variables. The latent variables evolve according to a Markovian transition density. Two main classes of applications are: 1) GMM estimation with time-varying parameters; and 2) estimation of nonlinear Dynamic Stochastic General Equilibrium (DSGE) models. ...

Dynamic Stochastic General Equilibrium (DSGE) and Vector Autoregressive (VAR) models allow for probabilistic estimations to formulate macroeconomic policies monitor them. One of the objectives creating these is explain understand financial fluctuations through a consistent theoretical framework. In tourism sector, stock price systemic risk are key variables in international transmission busines...

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Understanding differences in business cycle phenomena between Emerging Market Economies (EMEs) and industrialized countries has been at the center of recent research on macroeconomic fluctuations. We investigate whether these are linked to credit market imperfections. To this end, we develop a small open economy Dynamic Stochastic General Equilibrium (DSGE) framework featuring both permanent tr...

While the retirement of fossil fuel capacity is an inevitable consequence energy transition to carbon neutrality, policymakers face challenges in setting pace order that policies do not significantly damage economy. This paper designs a dynamic stochastic general equilibrium (DSGE) model examine macroeconomic effects coal cut policy (CCP) shocks on Chinese The results show that: firstly, shock ...

Agent-Based Models (ABM) are computational scenario-generators, which can be used to predict the possible future outcomes of complex system they represent. To better understand robustness these predictions, it is necessary full scope phenomena model generate. Most often, due high-dimensional parameter spaces, this a computationally expensive task. Inspired by ideas coming from systems biology, ...

This paper emphasizes the importance of considering the mechanisms that coordinate economic transactions in a decentralized economy, namely the role played by a self-organizing network of entrepreneurial trading firms, for theories aimed at guiding macroeconomic policy. We review a research program that aims to understand how, and how well, trading activities are coordinated in various circumst...