چکیده:
In this paper، we evaluate the impacts of monetary and fiscal shocks on fluctuations of macroeconomic variables. Due to the importance of the financial sector in transmitting the effects of economic policies، the banking system and its current features such as fixed asset accumulation and NPLs has been added to the baseline model. Calibration of the parameters according to the quarterly data of Iran economy during 1990-2014 shows that the model fits the data quite satisfactory. We find that a negative shock to required reserve ratio results in slight output growth and moderate inflation. Moreover، a positive shock to government development payments results in inflation and output growth. Overall، the results indicate that incorporating banking system in macroeconomic modeling provides policymakers with more information for analyzing business cycles due to considering the interactions of balance sheet effect of banking system and the real sector، which is not available in competing models.
خلاصه ماشینی:
Given the importance of the financial sector in transmitting the effects of economic policies, efforts have been made to add the country's banking sector to the model, in addition to considering the main pillars of standard models such as households, firms, government, and monetary authority, as well as nominal and real rigidities.
The study of the effect of monetary and fiscal policies on macroeconomic variables in European Union member countries within the framework of the Dynamic Stochastic General Equilibrium model and the new Keynesian approach, considering the formation of consumption habits, the cost of adjusting capital accumulation, and variable production capacity, was conducted by Smets and Wouters 2 in 2003.
4 (2010), based on the Dynamic Stochastic General Equilibrium model and the new Keynesian approach, investigated the effect of monetary and fiscal shocks on macroeconomic variables, taking into account real and nominal rigidities and the openness of the economy.
In this regard, Shah Hosseini and Bahrami (1392) designed a standard New Keynesian Dynamic Stochastic General Equilibrium model considering the banking sector as a financial intermediary for the Iranian economy and investigated the effects of oil, productivity and monetary shocks on the real, nominal and banking variables of the economy.
3- Specification of the Dynamic Stochastic General Equilibrium Model In order to achieve the research objectives and analyze the effects of economic policies on business cycles, the overall structure of the model designed in this research includes six main parts: households, firms, oil, the banking system, the government, and the monetary authority.
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