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Optimal Monetary Policy in Iran (in Persian)

Author

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  • Boostani, Reza

    (Iran)

Abstract

Since the economy of Iran has the features of a small and open economy, a model is developed with these features in this paper. The model is based on micro optimization, and the prices are staggered. Then the model is calibrated to Iran data. The calibrated model is utilized to evaluate the performance of some monetary policy rules.Domestic inflation targeting is the optimal monetary policy, and a Taylor-type inflation targeting rule replicates the result of optimal policy. Moreover, peged exchange rate and CPI inflation targeting have respectively the worst and the best performance among studied simple rules.JEL Classification: F41, E52

Suggested Citation

  • Boostani, Reza, 2012. "Optimal Monetary Policy in Iran (in Persian)," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 4(12), pages 101-126, September.
    • Handle: RePEc:mbr:jmbres:v:4:y:2012:i:12:p:101-126
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    More about this item

    Keywords

    Business Cycles; DSGE; Monetary Policy; Staggered Price; Policy Rule;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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