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The dilemma of Rationality or Providing Efficiency in Monetary Policy Making: An Application of Arrow’s Theorem

Author

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  • rafiee, alireza

    (Ph.D. Student of Monetary Economics, Faculty of Economics, Management and Administrative Sciences; Semnan University)

  • Eshaghi Gordji, Majid

    (professor of Mathematics, Faculty of Mathematics, Statistics and Computer Sciences; Semnan University)

  • Erfani, Aliraza

    (Associate Professor of Economics, Faculty of Economics, Management and Administrative Sciences; Semnan University)

Abstract

Financial frictions inducted in the model is a new contribution to monetary economics. Herein, an analytical tool arranges monetary policymaking in the form of two steps procedure. In the first step, an appropriate amount of money supply should be assessed; and in the second step, that appropriate amount should be allocated

Suggested Citation

  • rafiee, alireza & Eshaghi Gordji, Majid & Erfani, Aliraza, 2020. "The dilemma of Rationality or Providing Efficiency in Monetary Policy Making: An Application of Arrow’s Theorem," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 13(45), pages 557-590, November.
    • Handle: RePEc:mbr:jmbres:v:13:y:2020:i:45:p:557-590
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