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۱Performance of Monetary Policy Under the Interest–Free Banking Law of Iran
نویسنده(ها):
اطلاعات انتشار: Journal of Money & Economy، ششم،شماره۱، Fall ۲۰۱۱، سال
تعداد صفحات: ۴۶
The conventional wisdom in economic theory prescribes that the major role of the Central Bank is to design and conduct active monetary policy aiming at curbing inflation and achieving the price stability. After half a century of endeavors in attaining this target, Central Bank of the Islamic Republic of Iran has gone through tumultuous periods gaining mixed results in its efforts. The assessment of the performance of the CentralBank of the Islamic Republic of Iran (CBI) is also important from another aspect which is the experience of Central Bank in implementation of Shariah–based Islamic banking in Iran. The Usury (interest) Free Banking Law of Iran was legislated a few years after theIslamic Revolution of 1979 and opened a new horizon in the banking practices in Iran. Since the main purpose of this study is to evaluate and compare the performance of the central Bank of Iran primarily on inflation rate under the two sp ecific Money and Banking Laws, therefore, we will not deal explicitly with the theoretical aspects of the issue. In another word, we assume that the monetary authority has attempted to conduct the monetary policy on the basis of theoretical foundations to achieve low and stable inflation rate. We conclude that in the review period (1972–2010), except for the 3rd Plan period (1379– 1383 (2000–2005)), Central Bank of the Islamic Republic of Iran has nothad an acceptable progress in attaining the aims of monetary policy. Also, in this study we will analyze challenges ahead of efficient implementation of monetary policy in Iran.

۲Time – Varying Monetary Policy Reaction Function: The Case of Iran
اطلاعات انتشار: Iranian Economic Review، هجدهم،شماره۳۷، ۲۰۱۴، سال
تعداد صفحات: ۱۷
In this paper, we consider the estimation of a time–varying parameter monetary growth rate reaction function for monetary policy in Iran. In order to deal with implicit inflation targets and time–varying parameters, a two–step procedure is employed in estimation of the time–varying monetary policy reaction function. Considering a monetary policy reaction function with stable coefficients, we first estimate the implicit target values of inflation using Kalman filter procedure. Then, using the estimated inflation targets and explicit targets in the Development Plans, DPs, we estimate two versions of the time–varying parameter monetary policy reaction function to show the difference between what has been done and what should be done to achieve target values of the DPs. Our empirical results reveal that there has been no commitment to the target values of inflation during the first, second and fourth DPs, while the third DP was relatively successful in achieving its targets. The estimated time–varying response of monetary growth to both inflation and output gap suggests that the central bank should have reacted more forcefully to both inflation and output gap in order to achieve the targets of the DPs. The conduct of the monetary policy in recent years has been diverging from what should be done in achieving the targets of the DP.
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