سجاد برخورداری

The belief that innovation is a crucial factor in driving economic growth has led governments worldwide to increase investment in research and development (R&D). Many countries intervene in the R&D process of the private sector by utilizing policy tools such as tax credits, subsidies, direct financing, and research and development cost subsidies. Data shows a significant rise in the use of tax incentives in recent years. In Iran, there has been a particular interest in implementing tax exemptions for knowledge-based companies and providing tax credits for all firms.
Empirically, the existing literature in this field is still underdeveloped, particularly in the context of developing countries. This report aims to contribute to the existing knowledge by evaluating the impact of tax exemptions on R&D expenditures in Iran as a developing country.

To assess the effect of tax exemptions, we are interested in the R&D intensity index, which represents the ratio of R&D expenditures to GDP at the national level and the ratio of R&D costs to company income at the company level. The variable in question is a ratio between 0 and 1, like many other economic variables such as participation rates, market shares, debt-to-finance ratios, etc. The limited nature of such variables - and in some cases the large and significant accumulation of data at one or both limits - leads to limitations in estimates and inferences, and its economic modeling should be done with special approaches. In particular, the usual use of linear models is not a very accurate and correct method because it does not guarantee that the values predicted by these estimates are in the range of 0 and 1. In recent years, this concern has led researchers to focus on functional forms resulting from such data and develop models called Fractional Regression Models (FRMs).
In the model, the dependent variable is the share of a company's current R&D costs relative to total costs, which serves as a proxy for R&D intensity. The explanatory variables include the following:Researchers: The number of researchers in the company, logged.
Size: The sum of current and capital expenses of the company, used as an index of the size of the company in logarithmic form.
Avalibility of External Finance: For each company which used any financial resources rather than its internal resources, the value of this variable is 1, and in cases where the financing is completely internal, it is considered as 0.
The level of knowledge-based development (KBEDev): A variable based on previous studies, ranging from 1 (lowest level) to 3 (highest level).
Tax incentive: For those companies subject to this exemption, the variable amount is 1, and for the rest, it is 0.
Technology Intensity (Tech Level): According to the industry in which companies operate and using the categories used for technology leveling in the two leading organizations in this field, UNCTAD and OECD, number 3 represents the high level, number 2 represents the medium level, and number 1 represents the low level.

Using a fractional logistic regression approach on the data of 2,678 knowledge-based and industrial companies collected in 2020, the effects of tax exemptions for knowledge-based companies have been evaluated. The results of this article confirm the positive and significant effects of this exemption on research and development costs of companies. At the same time, it is indicated that, compared to other variables in the model, the presence of researchers, the level of knowledge-based development of the location of the company, and the opportunity for access to external financial resources have had a greater effect on the share of research and development expenses. However, these incentives have been more effective than the company's technology level. Additionally, the size of the company has a significant negative relationship with the interest ratio.

While our study supports the use of tax incentives, it is crucial to consider the broader economic landscape. Our findings highlight the importance of human resources and external funding. To effectively support knowledge-based companies and to create a more R&D-intensive country, it is not enough to solely provide tax exemptions for firms. However, mechanisms must be in place to foster reaching much more qualified human resources and to a greater extent finance. Financial incentives should be utilized in a manner that minimizes costs and maximizes economic growth and productivity. Future research can explore how to optimize the use of these tools, offering valuable insights to policymakers

In the last 10 years, we have witnessed two major crises in the Iranian exchange market. During this period, Rial has lost substantial part of its value against USD and led into many economic problems. Another observation that exists during this period is the increase in herd behavior in the stock market. The simultaneity of these phenomena brings to mind the question of whether the exchange rate can be the cause of herd behavior in the stock market. In this study, an attempt has been made to provide a suitable answer to this question by using comprehensive modeling approach based on FAVAR. In order to achieve this goal, seasonal data of 62 economic variables of Iran and the world have been used between 1380 and 1400; Also, since herd behavior is an unobservable variable, in the first step, using the method proposed by Huang and Salmon (2004), this variable was quantified, and then in the second step, the effect of the exchange rate on this variable was examined in the form of the FAVAR model. The results show that herd behavior has intensified in the stock market in the last decade and reached its peak in 2018 and 2019. Also, the results of Impulse Response Functions and Variance Decomposition analysis show that the exchange rate has a relatively high contribution in explaining the forecast error variance and for several periods it significantly leads to the increasing of herd behavior. The sensitivity analysis regarding the number of factors indicates the robustness of the results and emphasizes the positive effect of the exchange rate on the herd behavior of the stock market.

Awareness of human about the existence of environmental pollution crisis and its effects on his own destiny can have a positive effect on changing the course of these crises. Sangan mines release dust particles and pollutants into the soil and air, which will have huge consequences for environmental pollution and even endanger human Health, including the spread of skin and respiratory diseases. Environmental assessment is considered as one of the most efficient methods to evaluate and predict plans and projects on environmental components, so the present study aims to Environmental impact assessment of Mine Utilization Using Iranian Leopold Matrix (Study area: Sangan Khaf Mines). The main tool for collecting research data for the study area is a library and a field survey based on a questionnaire that was completed among the community of experts. The statistical sample population is 30 experts who were familiar with environmental issues. The results showed that the number of negative algebraic mean effects in the column is equal to 10 and the number of negative algebraic mean consequences in the row is equal to 14, among which the number of negative consequences less than -3.1 in the column is only related to the effects of dust diffusion. The most important negative effects among the environmental components are related to dust diffusion activity with an average classification of -3.1 with an algebraic sum of -50.

Pricing The banking system plays an important role in the structure of an economy, and the challenges of this sector can affect other sectors. One of the most important challenges of the banking system is the occurrence of a banking crisis. The International Monetary Fund defines a banking crisis as a situation in which bank runs and bank failures spread and banks are unable to pay their debts, or a situation in which the government intervenes in the banking system on a large scale. In the conditions of banking crisis, bank bankruptcies are widespread and banks are unable to pay their debts. The occurrence of this type of crisis has various causes, the main reasons of which are the high volume of non-current claims and the freezing of bank assets as a result of corporate governance, which reduces the quality of bank assets to pay the bank's obligations, thus creating an imbalance in the banks' balance sheets. One of the features of a banking crisis is systemic risk. An increase in the systemic risk in the banking system coincides with the occurrence of a banking crisis.Systemic risk can be defined as a risk that affects the financial sector and creates an endogenous cycle that exacerbates the effect of the initial shock and causes more damage to the financial sector. With the increase of systemic risk, the probability of crisis and financial and monetary instability increases and negatively affects the real sector of the economy. In normal times, when there is no crisis, banks help the rapid development of the economy and increase the standards of living, but, when a crisis occurs, the problems in the banking sector and the subsequent failures cause serious negative consequences not only in the banking sector but also in companies directly.  It also affects investors; the occurrence of banking crises during the last few decades has always caused problems for the countries engaged in the crisis. Among these problems, one may mention the financial costs of the crisis, production losses, increase in public debts, and increase in uncollectible loans. The banking industry in Iran is one of the important financial intermediaries that can provide the basis for the growth and prosperity of the economy by properly organizing resources and expenses. More than 80% of the financing in Iran is done through banks. Therefore, the health of this sector can significantly contribute to the improvement of economic conditions. The conditions of the Iranian economy and especially the banking system in recent years indicate the signs of a banking crisis in the Iranian economy; the money market pressure index, as one of the most important indicators for measuring the banking crisis, has faced more fluctuations since the end of the 80s. Considering the high share of the banking system in the financing of economic activities in Iran and the lack of studies in the field of banking crisis and its effects on macroeconomic variables, the present research investigates the effects of systemic risk, as a representative variable of banking crisis, on the selected macroeconomic variables.

In order to analyze the effects of the banking crisis on macroeconomic variables, the stochastic dynamic general equilibrium model has been used in the form of two limit scenarios referring to a no-crisis situation and the presence of a banking crisis at the highest level using the data of Iran's economy during the years 1982-2020. In this study, a stochastic dynamic general equilibrium model for a small open economy in terms of oil exports has been developed with an emphasis on Iran's economy in the framework of the new Keynesian school, in which the effect of monetary impulse on macroeconomic variables in the framework of the banking crisis is investigated. As a key feature of the model, employment and production decisions by firms and labor supply and consumption decisions by households are made before goods are produced and exchanged and before market-clearing prices are realized. In the sector of companies producing intermediate inputs, all the company's resources are assumed to be provided by facilities, and the presence of crisis increases the cost of receiving facilities. It is also assumed that the existence of the crisis will limit the lending resources of commercial banks, which will increase the price of the received loans due to the lack of resources.

The results show that, due to monetary stimuli, variables such as production and inflation show a positive reaction to the stimuli, but, over time, the effects disappear. As a result of inflation, the real wage has decreased, and the level of real consumption has also decreased due to the decrease in the purchasing power of the members of the society. Also, due to the inflation and the increase of investment cost, the amount of investment has also decreased. Therefore, the results are compatible with consumption and investment theories. Another important result regarding the systemic risk constraint in modeling is that the banking crisis has reduced the impact of monetary impulses on macroeconomic variables and reduced the size and extent of the impact.

Conclusions and policy implications: 

According to the results of the study, the existence of a banking crisis causes friction in the structure of the economy and the performance of the banking network, which affects various impulses and policies. Therefore, it is suggested that the central bank or the government should consider the state of the banking system from the perspective of its health in determining the rule and before implementing economic decisions.

This study, using the dynamic planning approach and using the statistics and information obtained from the cost and income of Iranian households in the theoretical framework of the life cycle theory of Modigliani and Brumberg (1954), examines the consumption and income profile of the life cycles of Iranian households in the form of two versions. "Certainty Equivalent " and " Buffer stock " (which is equivalent to consumption under uncertainty) from Friedman's theory of permanent income and separate different educational groups and occupations. The results of this study show that in all of these profiles, consumption and income profiles follow entirely each other before the age of 45; In this way, it can be claimed that the CEQ theory is valid until the age of 45 and can explain the consumption and income profile of Iranian households well. The changes in the consumption behavior of Iranian households after the age of 45 show the change in preferences and the uncertainty of future incomes, so the profile of consumption and income after the age of 45 can only be explained with models that also consider uncertainty . Other results of this study show that Iranian households save up to the age of 45 with a "precautionary" motive; After the age of 45, the precautionary motivation to save is weakened, and with the change of preferences and the type of uncertainty, the motivation to "finance retirement expenses" is strengthened, and after the age of 65, they save with the motivation of inheritance.

The purpose of this paper is to investigate the impact of banks' liquidity shock on their excess reserves and the business cycles in Iran's economy. In order to benefit from the functional tasks of the banking system in the real sector of the economy, it is necessary to control the liquidity in the hands of the bank. The liquidity management by the bank includes predicting liquidity needs and providing them at the lowest possible cost. The main reason for the liquidity risk is that most bank resources are provided from short-term deposits, while the bank facilities are used to invest in assets that have a relatively low degree of liquidity. Therefore, a main task of the bank should be creating a balance between short-term financial obligations and long-term investments. Maintaining insufficient amounts of liquidity exposes the bank to the risk of not being able to fulfill its obligations and pushes it toward bankruptcy. Also, maintaining large amounts of liquidity causes inefficient allocation of resources, reduction of the interest rate on deposits and, as a result, losing the market.

In order to analyze the results, the dynamic stochastic general equilibrium method was used in terms of the structure of the banking system in the period of 1989-2020 based on the frequency of the seasonal data. In the statistical analysis section, the impacts of the impulse from liquidity on the surplus bank reserves, business cycles, and a set of banking and macroeconomic variables were compared and evaluated. The current research model has five parts including household sectors, producers of intermediate goods and final goods, banking sector, government and central bank. The household sector maximizes the expected discounted utility function with respect to the inter-period budget constraint. Intermediary companies seek to minimize the production cost function, and the company producing the final product deals with pricing based on Rotenberg's price stickiness theory. In order to maximize the expected profit function, the banking sector makes its decisions to determine the optimal interest rates of deposits and facilities for both households and companies. It should be mentioned that regarding bank rates for deposits and facilities, although the range of interest rates for deposits and facilities is communicated to the banks, the banks act based on other variables. They have the option to consider the maximum expected profit function based on their requirements, such as the amount of the fixed balance in the customer's account of facility reception or the interest paid to depositors. Finally, the government and the central bank are face with an inter-period budget constraint.

Based on the obtained results, the momentum of liquidity induced by the banking system has led to an increase in their surplus reserves and the occurrence of business cycles and deviations in production. Also, the liquidity shock has led to an increase in the inflation rate and exchange rate in the economy. It is recommended to eliminate the effect of liquidity shocks of the banking system on the economy by using precautionary and unconventional policies. In order to improve the relationship between the Central Bank and the banks, managing the overdrafts of the banks from the Central Bank by guaranteeing the overdrafts and regular financing is an important and fundamental task in the agenda of the Central Bank. The intelligent monitoring of the facilities and transactions in the banking network by the Central Bank can correct the asset and capital structure of banks, improve the risk management system, transparency of financial reporting in banks, organize the non-banking activities of banks and their subsidiaries, and prevent the entry of resources into speculative activities. Also, selling the surplus assets of banks is considered as an important act to reform the functioning of the banking system.

The liquidity shock from the banking system has led to an increase in their excess reserves, the emergence of business cycles and fluctuations in production, and increased inflation rate and exchange rate in the economy. Based on the results, it is recommended to prevent liquidity shocks from the banking system by using conservative and unconventional policies. Since an important part of creating liquidity in the country's economy has been done by banks in the past years, controlling the creation of money and liquidity by banks can play an important role in reducing the growth of liquidity and inflation. Therefore, there is a need for structural reforms and the supervision of the banking system. According to the proposed economic theories and the results obtained from this study, if a change is made in the credit risk, liquidity of commercial banks in money creation, and therefore the profit margin of the banks, monetary policy may be able to directly influence the interest rate in the credit market. In this case, an asymmetry may arise. An increase in the policy-based interest rate always leads to an increase in the interest rate in the credit market because commercial banks have to compensate the costs of re-borrowing and have to earn at least a profit. But if the liquidity risk and credit risk of commercial banks increase due to increased uncertainty, or if the level of banks' requested interest increases, a reduction in the base rate may not be immediately accompanied by a reduction in the credit market rate.

This study aims at investigating the income dynamics for Iranian households in various occupations including public, private, agriculture, non-agriculture, and miscellaneous.To achieve this purpose, we used peso-panel data approach for the period of 2001-2019.The results indicate an increase in lagged income leads to a negative effect on the income of rural households, and the income of agriculture and miscellaneous occupations of urban households. On the other hand, this change induces a positive effect on public, private, and non-agricultural income of urban households. In addition, the age of household has negative effect on the income of rural households and has positive effect for urban households in public, private, and non-agricultural occupations. Finally, education has positive effect on the income of public, non-agricultural, and miscellaneous occupations for both urban and rural households, and negative effect in agricultural occupations for urban households.

This paper aims to investigate the effect of demographic variables such as age, gender, education of the head of household, and the number of family members on the dynamics of net income in urban and rural households for the period 2000-2019. To this end, pseudo panel data constructing 25 age generations of people born in 1930-2004 has been used. The results show that males, the education of the family head, and the number of family members have a positive effect on the dynamics of the net income of households, while age has a negative effect. High level of income in the previous period will decrease the income change in future periods. In addition, the results show that all of the effective factors on dynamics of household income will increase the inequality in income changes, of which education, previous income, and age of head have the most determinant effect.

Financial instability refers to a situation in which the economy has suffered losses and problems under the influence of asset price fluctuations or the poor performance of financial institutions in fulfilling their obligations. Fluctuations in asset prices and performance in the country's financial markets have led to the spread of instability and this has shown the weak financial depth in the country's financial markets. Based on this, the main goal of this paper was to investigate the effects of financial instability on macroeconomic variables in Iran. For this purpose, the statistical information of the period 1983-2022 has been used based on the frequency of annual data. In order to model the effects of financial instability on macroeconomic variables, the time-varying parameters vector autoregression (TVP-VAR) was used. The financial instability shock was extracted and calculated through the measure of financial conditions based on the combination of interest rate, inflation rate and exchange rate, and was modeled with the autoregressive conditional heteroskedasticity. In this study, results determined that there is a correlation between financial instability and macroeconomic variables. The results showed that the shock caused by financial instability led to an increase in the interest rate, inflation rate, exchange rate and liquidity growth and also led to a decrease in the growth of consumption, investment and GDP. According to the obtained results, it can be stated that financial instability has caused instability in economic growth by creating inefficiency in the allocation of resources and non-optimal allocation of resources and disrupting the movement of financial resources from savers to investors. As a result, it causes disturbances in macroeconomic variables.

The main purpose of this study is to investigate the effects of economic growth rate shock on the selected industries value in the Tehran Stock Exchange; For this purpose, in the present study, the effects of economic growth rate shock were investigated by applying the time-varying parameter factor-augmented vector autoregressive model (TVP-FAVAR) and using quarterly data during the period (2011-2018).The results show that the response of different industries value to economic growth rate shock has been different; Also, this response has been different for each industry over time, which highlights the need for a TVP approach. Also, by entering the economic growth rate impulse (as much as one standard deviation), it was found that the stock market response to this impulse is associated with a time lag and the effects of this variable appear after several periods on the selected industries value. As the results of the research show, even in the years when we have had a negative economic growth rate, the response of some industries' value has been completely opposite to the variable direction of economic growth rate; One of the reasons for this subject is the low quality of economic growth rate in the country.

The stock market and interest rate are the main factors to access economic growth in any country. The effects of interest rate on stock market provide feedback for economic policy makers in monitoring policies, risk management methods, valuation of securities, and state policies in financial markets. According to importance of this subject, in this research, we studied the response of active firms’ value in different industries of Tehran Stock Market to interest rate shocks using time varying parameter method with augmented vector autoregressive factors (TVP-FAVAR) and seasonal data during 2011-2018. The results show the dynamic effects of interest rate on firms’ value in selected industries and different mechanism of interest rate effects due to institutional factors of active firms in any industry. This result indicates the importance applying the possibility of changes in parameters of model. Base on the results obtained, the effects of changes in interest rate over time is different and it is not possible to declare absolutely on positive or negative effect of interest rate on firms’ value, because of interest rate is a variable that has close relationship with macro variables, which causes by influencing other macro variables, it’s effects on stock market and specially on performance of active firms in this market has been fluctuated and be accompanied by different responses over time.

Monetary policymakers can choose between intervention or non-intervention to defend the national currency against speculative attacks in the foreign exchange market. Given the incomplete information of the central bank about the severity of the attack, it is necessary to be aware of the relative consequences of each of the reactions in the unit of economic indicators as a result of each of its possible responses. This study examines these consequences in the unit of changes in GDP and inflation for developing and emerging countries and in the period 1960 to 2018 examines the role of the quality of political institutions between selected countries. The results obtained from the instantaneous reaction functions for GDP and inflation as a result of three possible types of central bank responses including intervention with success, intervention with failure and non-intervention in the foreign exchange market show that in the absence of quality indicators of political institutions Low cost will not face a clear and unequivocal answer. In terms of the quality of political institutions, intervention in the foreign exchange market is preferred in the group of countries with high quality political institutions due to the increasing reputation and credibility of the policies announced by the Independent Central Bank. Findings show that in the group of countries with moderate quality of political institutions, non-intervention of policymakers in the foreign exchange market is associated with increased GDP growth and low inflation and is preferable to intervention in the foreign exchange market. In the group of countries with low quality political institutions, intervention in the foreign exchange market is less risky than non-intervention, and the low-cost response is to defend the national currency.

The purpose of this study is to investigate the impact of monetary policy through the channel of bank facilities on macro variables in Iran's economy. In order to analyze the results, dynamic stochastic general equilibrium (DSGE) was used in terms of the structure of the banking system in the period of 1370-1399 based on the frequency of seasonal data. In the statistical analysis section, the impact of monetary policy on banking and macroeconomic variables was compared and evaluated. Based on the obtained results, it can be stated that most of the macroeconomic variables have shown the most positive reaction to the shock caused by the banking facilities as a channel for influencing the monetary policy. Based on this, the independence of the Central Bank and not imposing the results of the government's budget policies on the monetary policies of the Central Bank is a solution to make the monetary policies efficient in the medium and long term.

Productivity growth is playing the main role for economics and some believe that underdevelopment is due to low productivity. The productivity growth is a solution to overcome the production problem and capital constraints and that is why it is highlighted in Iranian economy. The purpose of this paper is to study the productivity growth of all factors of production and employment in industry sector from labor demand point of view. We worked with a system of simultaneous equations and used the two least squares method. It has been focused on annual data, and the two-digit codes of International Standard Industrial Classification of All Economic Activities for the three equations of employment, wages and capital stock during 2008-2016. The results showed that there is no relationship between productivity growth and the level of employment and capital stock in the industrial sector. In addition, there is an opposite relation between productivity growth and the level of wages.

Nowadays, the study of unemployment properties is particularly important as a result of the increase of this variable in recent years. This paper tests the hysteresis hypothesis in youth unemployment at the urban, rural, regional, and general level by using quarterly data in period 2000- 2018. In addition, this paper investigates the stochastic nature of unemployment for thirty regions of Iran. We first employ the ADF and KPSS methods to test the hysteresis hypothesis at the urban, rural and general levels. Second, we apply the IPS, Chio and Fisher methods to examine this test for thirty regions using quarterly data in the period 2005-2018. Finally, the PANIC method is applied to identify the common and idiosyncratic components of unemployment rates at the regional level. The findings of different methods give support to the existence of hysteresis for the youth unemployment at the urban, rural and general level. Also, our empirical findings provide that the evidence is favorable to the existence of hysteresis in some regions. These results implicate supply side policies are effective to reduce youth unemployment at different levels. Also, our empirical findings provide that the evidence is favorable to the existence of hysteresis in some regions. These results implicate supply side policies are effective to reduce youth unemployment at different levels.

Considering the fact that the effects of currency shocks on the capital market can affect the behavioral patterns of different sectors of the economy; Therefore, proper understanding of the mechanism of exchange rate impact on different sectors of the economy, necessarily requires knowledge of the effects of this variable on important financial markets and how institutional factors change in these markets; For this purpose, this study aims to investigate the effects of exchange rate shock on the value of companies operating in different industries of the Tehran Stock Exchange by applying the pattern of variable parameters over time and using seasonal data during the period (2011-2018). The results of this study indicate that the value of companies operating in different industries of the Tehran Stock Exchange is affected by the exchange rate shock in proportion to the type of production and services provided in each of these companies; In addition, the response in each of the studied industries is different over time, which highlights the need to use the parameter-variable approach. Among the selected industries, the value of companies operating in the food and beverage industry has reacted positively to the currency shock in the entire period under review and in the automotive industry; Also, the value of companies operating in other industries has been affected by this currency shock over time; In the cement, lime and gypsum industry, exchange rate shock in (2011-2013) and (2018) has had positive effects on the value of companies operating in this industry and in (2014-2017) the value of companies Active in this industry has reacted negatively to exchange rate shocks.For example, the exchange rate shock in the period of 2011-2013 and 2018 has a positive effect on the value of companies active in the cement, lime and gypsum industry, while the response of these companies to exchange rate shock in the years 2014-2017, is negative.

This paper attempts to describe and analyze the effects of monetary shock as an exogenous shock on companies listed in Tehran exchange stock market by using a varying parameter model and the seasonal data from 2011 to 2018. The results indicate a standard deviation of monetary shock (positive monetary shock) has a different effect on companies listed in Tehran exchange stock. Also, the response of the company’s value is different in the passing time, hence the need for applying a varying- parameter model. In the selected sectors, the companies in the basic metal and the food and beverage industries have been the positive response and the companies in the chemical industry have been the negative response to a liquidity shock. Also, the response of companies in other industries is different in time.

Moving towards a knowledge-based economy is an important factor for developing countries. Achieving this goal requires improving different pillars such as innovation. Governance quality is a key factor to create innovation pillars and improve innovative activities. In this paper, we describe the impact of governance quality on improving innovation in selected MENA countries during 2009-2018. We used an empirical model and panel data method to describe the relationship between governance quality and innovative activities by considering control variables such as inflation, domestic credit provided by the financial sector (%GDP), the net inflow of foreign direct investment (FDI), and trade (%GDP). Empirical results indicate that the governance quality has a positive and significant effect on the performance of innovation in MENA countries. The positive effect of the governance quality sub-indices indicates that an improving institutional environment is necessary to stimulate innovation activities. The results also show that trade in MENA a country not only harms but also discourages innovative activities. According to empirical results, we propose that improving governance quality concentrated on government effectiveness and control of corruption is essential for innovative activities in MENA countries.

The purpose of this study is to find out the impact of financial development on monetary policy efficiency (the effect of financial development on the central bank's target variables) in OECD and OPEC countries for the period of 2001-2017, based on annual data. To achieve this purpose, a comprehensive index, which had been introduced by the International Monetary Fund (IMF) in 2016, was optimized by using fuzzy logic and was used as a proxy for financial development. Additionally, in order to evaluate the interrelationships among variables in model, we used the GMM econometric model. The results indicate that in OPEC countries, the weak financial development increases the efficiency of monetary policies on inflation, while it does not have a significant effect on output growth, and also the results show that in OECD countries, the strong financial development increases the efficiency of monetary policies on output growth and inflation, but these effects are small compared to OPEC countries.

The development of the Internet and cyberspace has grown rapidly in recent years, and its infrastructure has been largely developed. One of the main problems in technology development is the replacement of technology with labor; Since this replacement can lead to a reduction in the employment rate on the one hand, and to the development of business and employment on the other, it must be examined whether the development of cyberspace leads to an increase or decrease in employment. Is it possible to design an employment strategy in cyberspace development whose first priority is employment development? Policies should be adopted in a way that does not only focus on consumption and infrastructure development, but also plans to take advantage of increased employment opportunities in the virtual or internet age. Therefore, to explain the positive impact of cyberspace on employment, using the combined index of cyberspace and the cost minimization model in the production function for the years 1372 to 1397 and using the ARDL method and in order to continue and develop the positive effects of cyberspace on employment, public strategies and cyberspace employment development strategies are presented. The results show that cyberspace with a coefficient of 0.11 and from last year with a coefficient of 0.04 has a positive effect on employment development and to continue and develop this impact, we must firstly rely on improving the internet and traditional business environment and secondly pursue the development of cyberspace with employment strategies.

The successful economies are ones that have effective system to transform knowledge and technology in economic capacity. They have complex system that is an important sector of their economy. The current approach moving to knowledge based society is attention to R&D activities and high technologies. In this path, industrial companies can have a vital role in creating, developing and applying of innovation. In this paper, meanwhile analyze the absorptive capacity and innovation in Iran; we analyzed the determinant factors of R&D activity as a proxy for absorptive capacity and innovation in Iran's industries by using GMM approach in dynamic panel data (DPD) for the period of 2009-2013. The all industries are classified in 23 industrial sectors on the base of two-digit codes of ISIC. The results showed the firm size, labor productivity, and value of production and export are determinant factors of innovational activities in Iran's industries. Therefore, we suggest the support of improving of absorptive capacity and innovation through attention to determinant factors.

This study attempts to find out the impact of financial development on inflation targeting and monetary policy efficiency in OECD and OPEC countries for the period 2001-2017 based on annual data. For this purpose, the long-term inflation trend, which was extracted by the Hodrick Prescott (HP) filter, is considered as a proxy for the target inflation rate, and the difference between this proxy and the actual inflation rate was entered to the model as a dependent variable. Also, the broad-based index, which had been introduced by the International Monetary Fund (IMF) in 2016, optimized by using fuzzy logic, has been used as a proxy for financial development. The results show that in OPEC countries, financial development has been neutral on monetary policy efficiency through output growth, which is consistent with the monetary neutral theory, and also financial development strengthen the efficiency of inflation targeting in these countries. On the other hand, the study indicates in OECD countries, financial development has been neutral on monetary policy efficiency through output growth, and unlike in OPEC countries, financial development has been neutral on inflation targeting efficiency in the period under review. This confirms that a high level of financial development reduces the efficiency of inflation targeting.