EVALUATION OF FISCAL POLICY FOR ECONOMY OF IRAN IN A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL BASED ON REAL BUSINESS CYCLES

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RAFEI MEYSAM; BAHRAMI JAVID; DANESHJAFARI DAVOOD

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Journal: Journal of Economic Research Year:2014 | Volume:14 | Issue:54 Page(s): 33-65

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Title

EVALUATION OF FISCAL POLICY FOR ECONOMY OF IRAN IN A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL BASED ON REAL BUSINESS CYCLES

Author(s)

RAFEI MEYSAM | BAHRAMI JAVID | DANESHJAFARI DAVOOD | Issue Writer Certificate

Keywords

DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELQ1

FISCAL POLICYQ2

BUSINESS CYCLESQ2

Abstract

In this paper by using a DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL we study how macroeconomic variables are affected by different shocks using fiscal reaction functions for Iran’s economy. For this purpose we compare the results of a real BUSINESS CYCLES model in a baseline scenario, in which the government does not follow any specific reaction to the shocks and alternatives in which the government reacts counter and pro cyclically to the shocks. Results of the simulations indicate that when the government follows backward looking fiscal rules the deviation of the variables from steady state increases. In other words, in a real business cycle model for the Iranian economy, we show that the consequence of the government’s intervention in the economy is economic instability in Iran.

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APA: Copy

RAFEI, MEYSAM, BAHRAMI, JAVID, & DANESHJAFARI, DAVOOD. (2014). EVALUATION OF FISCAL POLICY FOR ECONOMY OF IRAN IN A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL BASED ON REAL BUSINESS CYCLES. ECONOMIC RESEARCH REVIEW, 14(54), 33-65. SID. https://sid.ir/paper/67006/en

Vancouver: Copy

RAFEI MEYSAM, BAHRAMI JAVID, DANESHJAFARI DAVOOD. EVALUATION OF FISCAL POLICY FOR ECONOMY OF IRAN IN A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL BASED ON REAL BUSINESS CYCLES. ECONOMIC RESEARCH REVIEW[Internet]. 2014;14(54):33-65. Available from: https://sid.ir/paper/67006/en

IEEE: Copy

MEYSAM RAFEI, JAVID BAHRAMI, and DAVOOD DANESHJAFARI, “EVALUATION OF FISCAL POLICY FOR ECONOMY OF IRAN IN A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODEL BASED ON REAL BUSINESS CYCLES,” ECONOMIC RESEARCH REVIEW, vol. 14, no. 54, pp. 33–65, 2014, [Online]. Available: https://sid.ir/paper/67006/en

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