International monetary policy coordination: an evaluation using a large econometric model

International Monetary Policy Coordination An Evaluation of Cooperative Strategies using a large Econometric Model

Given the increase in world economic integration we wish to examine whether there is a case for coordinating monetary policy across some of the major economies. In late 1998 and early 1999, US monetary policy responded to global economic conditions and interest rates were cut in response to the crisis in Asia. But Europe could have also played an important role in helping to boost world demand ...

Constructing a Factor Augmented VAR Model to Analyze Transmission of Oil and Monetary Shocks to Iranian Economy

There is a growing attention to models which contain a broader set of economic data. In recent decade, introduction of Factor Augmented VAR models through augmentation of traditional VAR models with unobservable “factors” has made a new route to econometric modeling. In spite of the growing number of international papers and researches which have used FAVAR approach to modeling policy shocks to...

Chapter Title: an Optimization-based Econometric Framework for the Evaluation of Monetary Policy Optimization-based Econometric Framework F or T He Evaluation O F Monetary Policy

An Analysis of a Macro-Econometric Model with Rational Expectations in the Bond and Stock Markets

The difficulty of accounting for expectational effects in macro-economic models is well known. The standard procedure in dealing with this problem in the construction of large-scale macro-econometric models is to use current and lagged values as “proxies” for expected future values. An alternative procedure is to assume that expectations are rational. Although the assumption of rational expecta...

Effects of Fiscal and Monetary Policies on the Iranian Economy: An Optimal Control Approach

This paper evaluates the interacted effects of the fiscal and monetary policies on the nominal and real macro-variables of the Iranian economy. Our analysis is thus based on the optimal control theory by which the optimal path of the control variables including monetary and fiscal tools are determined over the period 1963-2006. We also use a macro-econometric model in form of a simultaneous equ...