Effects of Presence of Monetary Policy Makers in Mass Media on Money Demand, Exchange rate and Gold Price in Iran

Investigating the effect of the presence of the Governor of the Central Bank of Iran (CBI) on the media environment on the money and asset markets, in addition to raising our understanding of how the individuals’ expected patterns from the future of prices, leads to a more realistic understanding of the transmission of shocks and the volatilities spillover. According to the results of this study, the presence of monetary authority in the media leads to an increase in the U.S. dollar against Iranchr('39')s currency and growth of the price of gold coins. Although the presence of monetary authority on the media doesn’t have a significant effect on the growth of money demand, but the effect of conditional correlation coefficient of the growth constant of the monetary authority presence on the media and the growth rates of demand for money, coins and dollars are significant.