چکیده:
Financing to implement macroeconomic policies in the public and private sectors is one of the most important factors in achieving economic goals in any country. On the one hand, easy access and on the other hand, amount of financing costs of these funds via the financial intermediaries whose role is to provide these resources, can lead to change in the dynamics of macroeconomic variables and Consider as an important factor in volatilities in business cycle. Given the importance of role of financing costs in economic modeling, this paper seeks to investigate the role of borrowing and financing costs in economic models by designing a dynamic stochastic general equilibrium model and Compare the impact of such costs on the behavior of macroeconomic variables. Comparison of the results of the impulse-response functions of the variables shows that the entering of financing costs into the model led to reduce of the impact of shocks on the variables. In fact, the existence of these costs can change household investment decisions and cause investment to be delayed until the financing costs of financial intermediates are at their lowest and the investment horizon changed.
خلاصه ماشینی:
Investigation and comparison of the role of financial resource procurement costs through financial intermediaries on household behavior (DSGE Model) Article received date: 19/06/99 Article acceptance date: 29/07/99 Hamidreza Izadi Abstract Providing financial resources in line with the implementation of macroeconomic policies in the public and private sectors is one of the most important factors in achieving economic goals in any country.
On one hand, easy access and, on the other hand, the level of costs for securing these financial resources through financial intermediaries, whose role is to provide these resources, can lead to a change in the dynamic path of macroeconomic variables and be considered an important factor in fluctuations during business cycles.
In most economic models, although easy, rapid, and cost-free access to financial resources through financial intermediaries possesses special importance and can change the equilibrium path of variables as a shock, few people have considered this issue as a constraint in their models and investigated their role.
Finally, the importance of such matters, as well as the deficiencies and gaps that exist in relation to this subject in the simulations and economic literature of Iran, led this article to attempt—given the lack of similar empirical modeling studies in an economy such as Iran—to provide a model that has the capability to investigate the presence or absence of this variable and can analyze the dynamic effects of macroeconomic variables as model outputs, using quarterly data from the years 1376 to 1396 (extracted from the Statistical Center of Iran and the Central Bank) which have been detrended using the Hodrick-Prescott filter.
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