چکیده:
The aim of this paper is determination of an optimal policy rule for Iranian economy from an Islamic perspective. This study draws on an Islamic instrument known as the Musharakah contract to design a dynamic stochastic general equilibrium model. In this model the interest rate is no longer considered as a monetary policy instrument and the focus is on the impact of economic shocks on the Dynamics of Macroeconomic variables. Finally, a policy rule based on Musharakah is introduced from which the optimal policy and empirical coefficients are derived. Using data from Iran, the empirical results indicate that the policy responses of central bank to output gap and inflation are in accordance with expectations and therefore, economically meaningful. So specified instrument policy rule has to be considered as optimal in general. The optimal policy rules indicate that when the authorities pay equal attention to the inflation and output gaps the minimum loss is occurred.
خلاصه ماشینی:
"Using data from Iran, the empirical results indicate that the policy responses of central bank to output gap and inflation are in accordance with expectations and therefore, economically meaningful.
2. Literature Review Grohe & Uribe (2004) in their study of a real business cycle model augmented with sticky prices, computed welfare-maximizing monetary and fiscal policy rules, a demand for money, taxation, and stochastic government consumption.
(2011), by using a dynamic stochastic general equilibrium model simulated the inflation and output gaps by applying an interest rate rule that was consistent with the objectives of Islamic economy in Iran.
Using data from Malaysia, the empirical results indicate that (1) monetary policy responses of central bank to output gap, inflation and exchange rate are in accordance with expectations and economically meaningful and, (2) Islamic monetary policy rule predicts better where riba is prohibited in the economy and (3) the specified instrument policy rule have to be considered as optimal in general.
Using data from Iran, the empirical results indicate that policy responses of central bank to output gap and inflation are in accordance with expectations and are economically meaningful and, the specified instrument policy rule have to be considered as optimal in general.
Using data from Iran, the empirical results indicate that policy responses of central bank to output gap and inflation are in accordance with expectations and are economically meaningful and, the specified instrument policy rule have to be considered as optimal in general."