The remarkable appreciation of the U.S. dollar after 1980 has been viewed by many observers as a failure of the floating exchange rate system, and has been a major stimulus to calls for a return to a more managed global exchange rate system. Critics of the current international monetary arrangements argue that tighter international "rules of the game" in macroeconomic policymaking would reduce ...

this paper analyzes the effects ofexchange policies on iran,s foreign trade, by applying new econometric techniques. in assessing the impacts of depreciation of the national currency on macroeconomic variable, the real rather than nominal exchange rate has been determined to be more appropriate criterion to demonstrate the success or failure ofthe adopted policies. during the period under the s...

Recent experience suggests that the operation of monetary policy in emerging market economies is severely limited by the presence of financial constraints. This is seen in the tendency to follow contractionary monetary policy during crises, and the observation that these countries pursue much more stable exchange rates than do high income advanced economies, despite having a more volatile exter...

The purpose of the present research is to investigate the effective channels of the monetary transmission mechanism in Iran. To do so, we devised a New Keynesian Dynamic Stochastic General Equilibrium Model. In our model, the different types of nominal rigidities are introduced beside all the related structural equations, which are extracted and linearized around a steady state point. Furthermo...

This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different floating exchange rate regimes: strict price level targeting, flexible price level targeting and out...