نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشجوی دکترا - بخش اقتصاد - دانشکده اقتصاد دانشگاه شیراز
2 عضو هیئت علمی بخش اقتصاد دانشکده اقتصاد .. دانشگاه شیراز
3 عضو هیئت علمی - بخش اقتصاد کشاورزی- دانشکده کشاورزی - دانشگاه شیراز
4 عضو هیئت علمی بخش اقتصاد - دانشکده اقتصاد دانشگاه شیراز
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
The aim of this paper is to investigate the existence of the New Non-Ricardian regime policy in Iranian economy. We detected signs of the Non-Ricardian regime from quarterly data of 1369 to 1391. To investigate further a dynamic stochastic general equilibrium model is designed to estimate the fiscal and monetary parameters using a Bayesian approach. Our results indicated a passive monetary policy and an active fiscal policy presence which are evidence of a New Non-Ricardian regime. To prove the robustness of our results, criteria such as posterior odds ratio and impulse response functions are used in this research. Based on posterior odds ratio, Non-Ricardian policy has more ability to describe data than Ricardian policy. According to the impulse response function, in reaction to positive government debt shocks, Non-Ricardian policy implementation is more compatible with the behavior of the Iranian economy than the other.
JEL Classification: E12, E31, E42, E43
کلیدواژه‌ها [English]
Calvo, G. (1983). Staggered Prices in a Utility Maximizing Framework, Journal of Monetary Economics, 12(3), 383-398.
Christiano, L., Eichenbaum, M., & Evans, C. (2001). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy. Memo.
Fan, J., Minford, P., & Zhirong O. (2013). The Fiscal Theory of the Price Level: Identification and Testing for the UK in the 1970s. CEPR Discussion Papers.
Kim, S. (2003). Structural Shocks and the Fiscal Theory of Price Level in the Sticky Price Model. Macroeconomic Dynamics, 7(5), 759-782.
Koop, G. (2003). Bayesian Econometrics. West Sussex, England, John Wiley& Sons.
Lane, J. (2002). Evaluating Dynamic Stochastic General Equilibrium Models using Likelihood Methods, Rutgers University, Memo.
Leeper, E. (2013). Fiscal Limits and Monetary Policy. NBER Working Papers, 18877.
Leeper, E. (1991). Equilibria under Active and Passive Monetary and Fiscal Policies. Journal of Monetary Economics, 27(1), 129-147.
Ratto, M. (2008). Analyzing DSGE Models with Global Sensitivity Analysis. Journal of Computational Economics, 31, 115-139.
Sargent, T., & Wallace, N. (1981). Some Unpleasant Monetarist Arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
Sala, L. (2004). The Fiscal Theory of the Price Level: Identifying Restrictions and Empirical Evidence. IGIER Working Paper, 257.
Walsh, C. (2010). Monetary Theory and Policy, MA, Third Edition, MIT Press.
Woodford, M. (2005). Monetary Policy in a World without Money, International Finance, 3(2), 229-260.
Woodford, M. (1995). Price-Level Determinacy without Control of a Monetary Aggregate. Carnegie-Rochester Conference Series of Public Policy, 43, 1-46.
)