oil prices may be having a direct and indirect effect through the exchange rate on the price of agricultural commodities. in this paper, the impact of world oil prices and exchange rate shocks on prices of specific agricultural commodities including wheat, corn, soybeans and sunflowers in iran is discussed. for this purpose, vector autoregressive model with monthly data over the period 2010-199...

Abstract This paper aims to analyse the dynamics of foreign exchange markets in a country facing political uncertainty that prompt capital outflow from 1 . The economic environment under investigation is characterized by dual markets: formal or official market for with insufficient and volatile flows, strong thriving informal market, higher rate 2 findings indicate necessary condition stabiliza...

A dynamic stochastic general equilibrium monetary model with incomplete asset markets, nominal price rigidities and market imperfections is developed to shed light on the role of exchange rate and its relation with current account dynamics in the formulation of monetary policy. In the recent literature, labelled as new open economy macroeconomics (NOEM), the dynamics of current account do not m...

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...

In case of speculative attacks, the central banks' decisions to intervene or not to intervene seem to play an important role for the economic costs of currency crises. The central bank can either abstain from intervening or start an intervention, which in turn can be successful or unsuccessful. Therefore, an adequate analysis of the costs of currency crises has to take into account three differ...

Recent work on monetary policy has focused on the trade-off between output volatility and inflation volatility. This literature is based largely on models of closed economies. Three conclusions about optimal policy characterize these models. First, the central bank faces an inflation-output gap volatility trade-off only in the presence of cost-push shocks. Second, aggregate demand shocks should...

Recent work on monetary policy has focused on the trade-o¤ between output volatility and in‡ation volatility. This literature is based largely on models of closed economies. Three conclusions about optimal policy characterize these models. First, the central bank faces an in‡ation-output gap volatility trade-o¤ only in the presence of cost-push shocks. Second, aggregate demand shocks should be ...

The data presented in this article are related to the research article titled - "An exchange market pressure measure for cross country analysis" (Patnaik et al. [1]). In this article, we present the dataset for Exchange Market Pressure values (EMP) for 139 countries along with their conversion factors, ρ (rho). Exchange Market Pressure, expressed in percentage change in exchange rate, measures ...