unlike the islamic code (approved 1370/1991) in which no suitable attention had been paid to the rule of interference of retaliation, the islamic punishment code (approved 1392/2013) has discussed this rule as well as the rule of interference of blood-moneys in details and in which some innovations may be seen. in spite of increase in the number of articles concerning this rule, some innovation...

The standard “new-Keynesian” model accounts well for the fact that inflation has been stable at a zero interest rate peg. However, If the Fed raises nominal interest rates, the same model model predicts that inflation will smoothly rise, both in the short run and long run. This paper presents a series of failed attempts to escape this prediction. Sticky prices, money, backward-looking Phillips ...

This paper studies the scope for monetary policy in an economy in which firms are concerned by the adverse reaction of their customers to price changes. First, the rational expectations equilibrium of such an economy is computed. Then, it is shown that the preferences of the monetary authority are time inconsistent as long as it can only respond slowly to changing aggregate statistics. The Stro...

Beginning with the Reserve Bank of New Zealand Act of 1989, central banking reforms have focused on assigning clear goals for which monetary policy authorities can be held accountable. Inflation targeting regimes provide examples of such goal-based policy frameworks. An alternative approach, recently argued for by John Taylor (2012, 2014), relies on a rule-based framework in which the policy au...