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Optimal Policy Rules for Iran in a DSGE Framework (Islamic Musharakah Approach)

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  • Soleimani Movahed, Maryam

    (Alzahra University)

  • Afshari, Zahra

    (Alzahra University)

  • Pedram, Mehdi

    (Alzahra University)

Abstract

The aim of this paper is determination of an optimal policy rule for Iranian economy from an Islamic perspective. This study draws on an Islamic instrument known as the Musharakah contract to design a dynamic stochastic general equilibrium model. In this model the interest rate is no longer considered as a monetary

Suggested Citation

  • Soleimani Movahed, Maryam & Afshari, Zahra & Pedram, Mehdi, 2014. "Optimal Policy Rules for Iran in a DSGE Framework (Islamic Musharakah Approach)," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 9(4), pages 1-30, July.
    • Handle: RePEc:mbr:jmonec:v:9:y:2014:i:4:p:1-30
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    References listed on IDEAS

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    3. Paul S. Mills & John R. Presley, 1999. "Islamic Finance: Theory and Practice," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28847-8, July.
    4. Taylor, John B, 1993. "The Use of the New Macroeconometrics for Policy Formulation," American Economic Review, American Economic Association, vol. 83(2), pages 300-305, May.
    5. Mohsin S. Khan & Abbas Mirakhor, 1989. "The Financial System and Monetary Policy in an Islamic Economy النظام المالي والسياسة النقدية في اقتصاد إسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 1(1), pages 39-57, January.
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