The Effect of Monetary and Non Monetary Shocks on Inflation and Output in Dynamic Stochastic General Equilibrium Model in Open Economy Condition: Case Study of Iran Economy

Document Type : Research Article

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Abstract

The aim of this paper is evaliuation effect of monetary and non monetary shocks in Iran economy through New Keynesian Dynamic Stochastic General Equilibrium Modelling in Open Economy condition. For this purpose, parameters of the model are calibrated (1352-1390). In this Model, respect to Iran economy traits, Oil income has been including in separate sector. Also, for more coincidence of model with real word and respect to importance and role of stickiness in affect of output from nominal variable, price stickiness has been including in model and response of economic variable investigated when monetary, oil income and technology shocks was occurred. The results from investigate of impulse response functions shows that in Iran, preliminary effect of monetary, government expenditure and oil income shocks on non oil output and inflation is positive but the effect of technology shock on inflation is negative and on output is positive. Monetary and fiscal discipline, reduction connection between oil revenue and monetary base are recommendation policy of this paper.

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References

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