The impact of macroeconomic variables, economic sanctions and the global price index of commodities on the price index of the Multidisciplinary industry in Iran''''s capital market; ARDL approach

This study has investigated the reaction of the multidisciplinary industry in the capital market to the economic sanctions, the global price of commodities, and the macroeconomic variables of the exchange rate and inflation rate. In this study, using the autoregressive distributed lag approach (ARDL) with monthly data during the period of 2008-2021, the dynamic model of the research has been estimated. Also, using the autoregressive distributed lag bounds test, the long-term relationship between the price index of the multidisciplinary industry and the independent variables of the research has been examined. The long-term coefficients show that the price index of the multidisciplinary industry is positively influenced by the global commodities price index and the exchange rate and negatively influenced by the economic sanctions and inflation rate. The results of the error correction mechanism show that the long-term relationship of the model is real and every year 63% of the deviation from the path is corrected in the long term.