In this study, we examined the effects of monetary policy shocks on the performance of the Iranian macroeconomy and the banking system, under the different situations of the Basel II and III capital requirements regulations. By developing a DSGE Model and according to its structural shocks, four observable variables including output gap, bank capital adequacy, inflation, and money base growth r...

Price stability has been the foremost task of monetary policy. The information relating to the response of prices to monetary policy shocks is essential for conducting monetary policy in general and for inflation targeting of central banks in particular. Most of the published empirical studies analyze the response of an aggregate price index like CPI or a consumption deflator and their r...

During the last two decades, there has been considerable controversy regarding the appropriate method of implementing monetary policy. One approach emphasizes market interest rates; the other, nsonetary aggregates. This article sets forth the basic issues underlying this controversy. It demonstrates the manner in which the market interest rate approach can leach to perverse monetary actions; wh...

This paper assesses the relationship among energy consumption, financial development, economic growth, industrialization and urbanization in Tunisia from 1971-2008. The autoregressive distributed lag bounds testing approach to cointegration and Granger causality tests are employed for the analysis. The result confirms the existence of long-run relationship between energy consumption, economic g...

This paper investigates the long-run neutrality of money using quarterly data of South Korea and Taiwan and the methodology of King and Watson (1997); particular attention is given to the integration and cointegration properties of the variables. Empirical evidence provides considerable support for the long-run neutrality of money with respect to real output in the case of South Korea, indicati...

The last fteen years have seen a remarkable revolution in both the conduct of and the common understanding of monetary policy around the world. This revolution has encompassed instruments, with an increased emphasis on transparency about short and medium run central bank policy planning and decreased emphasis on intermediate targets such as monetary aggregates. This revolution has also encompas...

This study examines dynamic interrelationships and causality relationships among CO2 emissions, economic, political and financial variables over the period of 1971-2011 for the case of Iran as one of the top CO2 emitting countries in the world. The results of ARDL and Johansen cointegration approaches confirm the existence of long run relationship among CO2 emissions, energy consumption, GDP, f...

This study investigates the role of financial structure on the volatility of four asset prices in Korea. First, historical development of size, activity and efficiency of financial structure is investigated and development of non-bank financial institutions analyzed for the last three decades. Second, using the concept of bank-based and market-based financial structure, it is shown that there e...