MEASURING THE SACRIFICE RATIO BETWEEN PRODUCTION AND INFLATION (THE CASE OF IRAN)

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FARZINVASH A.A.; ALINEZHAD MEHRBANI F.

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Journal: NAMEH-YE-MOFID Year:2008 | Volume:13 | Issue:2 (63 ECONOMICS) Page(s): 3-24

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Title

MEASURING THE SACRIFICE RATIO BETWEEN PRODUCTION AND INFLATION (THE CASE OF IRAN)

Author(s)

FARZINVASH A.A. | ALINEZHAD MEHRBANI F.

Keywords

SACRIFICE RATIOQ3

CONTRACTIVE MONETARY POLICYQ3

STRUCTURAL SHOCKSQ3

SVAR MODELSQ3

Abstract

This paper is devoted to calculate the sacrifice ratio in Iran, which is in the context of assessing the impact of monetary policies that are carried out by central bank to control the inflation. Sacrifice ratio is the cumulative output loss arising from a permanent reduction in inflation due to the contractive monetary policies. We drive the estimate of the sacrifice ratio from four variables structural VAR model. In this model - with some specific assumption, concerning Iranian economy - the calculated sacrifice ratio is -2.27 in a six years horizon. The results of this paper represent these two facts that first, contractive monetary policies for controlling inflation has almost reduced inflation long run trend. Second, negative sacrifice ratio indicates that the benefits of the lower inflation trend is reflected on higher growth rate of output in the long - run.

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APA: Copy

FARZINVASH, A.A., & ALINEZHAD MEHRBANI, F.. (2008). MEASURING THE SACRIFICE RATIO BETWEEN PRODUCTION AND INFLATION (THE CASE OF IRAN). NAMEH-YE-MOFID, 13(2 (63 ECONOMICS)), 3-24. SID. https://sid.ir/paper/3572/en

Vancouver: Copy

FARZINVASH A.A., ALINEZHAD MEHRBANI F.. MEASURING THE SACRIFICE RATIO BETWEEN PRODUCTION AND INFLATION (THE CASE OF IRAN). NAMEH-YE-MOFID[Internet]. 2008;13(2 (63 ECONOMICS)):3-24. Available from: https://sid.ir/paper/3572/en

IEEE: Copy

A.A. FARZINVASH, and F. ALINEZHAD MEHRBANI, “MEASURING THE SACRIFICE RATIO BETWEEN PRODUCTION AND INFLATION (THE CASE OF IRAN),” NAMEH-YE-MOFID, vol. 13, no. 2 (63 ECONOMICS), pp. 3–24, 2008, [Online]. Available: https://sid.ir/paper/3572/en

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