Financial policy under martial law

Monetary Policy under Financial Uncertainty ∗

This paper considers the role of monetary policy in mitigating the effects of financial crises. I suppose that the economy occasionally but infrequently experiences crises, where financial variables directly affect the broader real economy. I analyze the formulation of monetary policy under such financial uncertainty, where policymakers recognize the possibility of financial crises, which leads...

Martial Law and the State of Siege

Corporate Financial Policy and the Value of Cash under Uncertainty

In this paper we provide evidence on how firm-specific and macroeconomic uncertainty affects shareholders’ valuation of a firm’s cash holdings. This extends previous work on this issue by highlighting the importance of the source of uncertainty. Our findings indicate that increases in firm-specific risk generally increase the value of cash while increases in macroeconomic risk generally decreas...

Performance of Monetary Policy Under the Interest Free Banking Law in Iran, (1972-2010)

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 asse...

Law, Policy, and Cooperation

The last two decades have seen significant work undermining the selfishness hypothesis commonly used as a simplifying device for analysis based on the rational actor model. The work traverses a wide range of disciplines, from experimental economics and game theory, to anthropology, social psychology, and evolutionary biology. At the same time, organizational sociology and management science hav...