The aim of this study is to examine the nonlinear effects of fiscal and monetary policies on inflation during 1990:3 to 2013:1 based on threshold model. First lag of the liquidity growth is recognized as threshold variable with threshold value estimated at 6.37 percent. In low liquidity growth, the results indicate that inflation expectations and the lagged liquidity growth are the most importa...

This paper examines downward price rigidity in Iranian house market and discusses whether this characteristic would result in an asymmetric relationship between house price and monetary policy. To test the downward house price rigidity the threshold GARCH model is employed. The asymmetric adjustment to monetary policy is examined using the asymmetric cointegration and error correction models. T...

the study of the role of money in the economy of developing countries, and its impact on economic variables, analysis of monetary policies, and other related issues are of paramount importance in economic planning. considering the above-mentioned points and also the realities of iranian economy, it is quite vital to scientifically specify the long-term trend of money supply through investigatio...

The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the European Central Bank, the Federal Reserve System of USA and the Bank of Japan, in order to raise thoughts on the guidelines that central banks sh...

entrepreneurship, as one of the factors affecting economic growth, is also considered among the key factors by economic policymakers. however, in examining the issue of entrepreneurship, it should be noted that women’s and men’s entrepreneurship can be considered as two distinct and separate phenomena. therefore, the main objective of this paper is to investigate the relationship between women&...

T here is always uncertainty about the soundness of an economic model’s structure and parameters. Therefore, central banks normally face with uncertainty about the key economic explanatory relationships. So, policymaker should take into account the uncertainty in formulating monetary policies. The present study is aimed to examine robust optimal monetary policy under uncertainty, by ...

In this paper we present an application of the dynamic tracking games framework to 1 a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a 2 monetary union to analyse the interactions between fiscal (governments) and monetary (common 3 central bank) policy makers, assuming different objective functions of these decision makers. Using 4 the OPTGAME algorithm ...

The ultimate goal of monetary policy is to achieve price stability and high output. In this regard, central banks usually change the interest rate, liquidity, and money base in order to apply monetary policies. The John B. Taylor rule is one of the rules known in the transmission of monetary policy.[1] Based on this rule and given the output gap and inflation gap, the central bank increases or ...