جستجوی مقالات مرتبط با کلیدواژه « Monetary conditions index » در نشریات گروه « اقتصاد »

Determining the monetary policy rule and identifying expansionary and contractionary policies is of particular importance to monetary policymakers. Monetary conditions index as an average weight of effective money transfer channels can play an important role in identifying expansionary and contractionary monetary policies. Therefore, in this article, the index of monetary conditions along with determining the amount of effectiveness of each of the channels of monetary policy in the process of monetary policy transfer is estimated. Such an index is the middle goal of the monetary policymaker in the medium term, and in this paper, the index is estimated based on the two variables of price target and demand, using the Johansson-Josilius error correction method. The results show that assuming inflation is targeted by the central bank and using the criterion of mean square error, the price equation to predict inflation is a more appropriate equation to determine the index of monetary conditions for the Iranian economy. In addition, the index designed in this study shows that the exchange rate channel has the highest weight among the channels affecting the price level in the Iranian economy.

Monetary Policy is one of the important instruments of the economic demand management and is much important in policy making decisions. In this direction, determination the rule of monetary policy making and discretion of expansionary and contractionary monetary policies are also important for policy makers and economists. In this study, the monetary conditions index (MCI) over the period 1352-91 and financial conditions index (FCI) over the period 1377-91 calculated using the Principal Component Analysis for Iran's economy. According to the results, the monetary conditions index impact any 3 channel exchange rate, interest rate and credit channel. Also in the calculation of index financial conditions, in addition to the the above channel 3, also has its effect channel Finance. Credit channel has the greatest weight in both financial and monetary conditions index, while the interest rate channel of the lowest weight than the 3 other channels in both the index, implying that credit channel is more important than the other channels in determining the level of output in Iran.