The present study investigated the effectiveness of MONETARY POLICY AND its consequences for FINANCIALly included AND excluded households using a calibrated new Keynesian dynamic stochastic general equilibrium (DSGE) for Iran. The impulse response function analysis suggests that although a significant part of the population is FINANCIALly excluded (about 45%), the contractionary MONETARY POLICY shock significantly reduces inflation AND GDP. In addition, a contractionary MONETARY POLICY decreases the consumption of FINANCIALly excluded households more than that of FINANCIALly included households, because FINANCIALly included households can absorb this shock due to access to FINANCIAL instruments (services) AND can, therefore, smooth their consumption more effectively than FINANCIALly excluded households. The comparison of the results obtained from our model with the full FINANCIAL inclusion model suggests that expansionary MONETARY POLICY in full FINANCIAL inclusion leads to higher output growth with lower inflation costs. Therefore, efforts to ensure full FINANCIAL inclusion are recommended so that MONETARY POLICY can fully achieve its goals.

The global FINANCIAL crisis in 2007 showed that FINANCIAL variables from different channels could exacerbate business cycle fluctuations. From the perspective of modeling in the economy, the models that assumed FINANCIAL markets without friction lost their credibility. Accordingly, the correct response of the MONETARY authorities to the FINANCIAL cycles has become one of the theoretical AND political concerns. Therefore, the present study examines the effects of the central bankchr('39')s reaction to FINANCIAL cycles during the period of 1369: 1 to 1395: 4 implementing several counterfactual simulations within the framework of the New Keynesian model. The results in different scenarios indicated that the more sensitive the central bank is to the FINANCIAL cycle, the output will have less affects by FINANCIAL shocks. However, inflation will respond to the shock of the FINANCIAL sector with more fluctuations; therefore, it seems that MONETARY POLICY in Iran cannot reduce the effects of FINANCIAL shock on macroeconomics solely through a change in the MONETARY base.

Price stability AND sustainable economic growth are conventionally considered as key goals of MONETARY POLICY. FINANCIAL stability is also recognized as the third pillar in the MONETARY POLICY objective function after the FINANCIAL crisis of 2007. Although FINANCIAL stability “ as the third target in the MONETARY POLICY objective functions” is evidently inconsistent with the twin conventional MONETARY POLICY goals, it mitigates the side effects of FINANCIAL turmoil impact on the price AND growth instability in the macrocosmic environment in the medium term. FINANCIAL crises, which have historically created large deviations in the MONETARY POLICY goals, necessitate empowering the conventional POLICY instruments (POLICY interest rate, MONETARY aggregate AND rate of requirement ratio) with unconventional POLICY instruments. In this context, unconventional supplementary MONETARY POLICY instruments streamline MONETARY transmission mechanism to achieve asymmetrically triple MONETARY POLICY goals through expANDing open market operations to non-governmental bonds, facilitating banks’ overnight financing in the payment system, AND initiating zero bound interest rate POLICY. In this research, a Dynamic Stochastic General Equilibrium Model (DSGEGertler AND Karadi, 2011) is technically utilized to estimate the impact of conventional (interest rate) AND unconventional (credit lines) MONETARY POLICY instruments on the macroeconomic variables (inflation, output growth, exchange rate AND stock market price index), while simulating the macroeconomic variables response to FINANCIAL instability. The simulation evaluates MONETARY POLICY impulse response function based on optimization approach in the context of crisis scenario. MONETARY POLICY rules basically assessed in this paper are introduced in the context of optimization AND non-optimization, which include Taylor interest rate rule without FINANCIAL stability, simple optimization interest rate rule with FINANCIAL stability, AND unconventional MONETARY POLICY rule. In this context, Central banks’ line of credits as unconventional tool, which is influenced by the POLICY maker decisions, injects directly to banking network flow of funds. Central banks, which had sold the public bonds to the families in the form of risk-free investment in the first step, accumulate FINANCIAL resources in the balance sheet. Accumulated FINANCIAL resources lend simultaneously to the firms in the second step in the context of unconventional expansionary MONETARY POLICY in order to increase banking network leverage ratio, which streamlines credit operations AND develops private sector investment. Presumably, central bank intervention is empirically considered inefficient compared to the private sector in the FINANCIAL intermediaries due to CBs cost inefficiency to find AND allocate to the key economic sectors. The DSGE parameters are statistically estimated by the Bayesian approach through using time series for some macroeconomic variables including consumption, private investment, inflation, government expenditure, change in outstANDing loan, commercial banks leverage ratio, AND stock market return. Given the fact that the Bayesian estimation is technically required to introduce the distribution of parameters as priors, priors are determined through numerical analysis as well as through previous research. The estimation log data density mounted at about 399 AND the robustness of estimated parameters has been verified based on test of Brooks AND Gelman (1988). In this study, rapid reduction in the quality of capital is considered FINANCIAL crises shock indicator which influence key macroeconomic variables. Simulation results indicate that unconventional MONETARY POLICY affects efficiently real sector sustainability while mitigating FINANCIAL instability (assets market) in the macroeconomic environment. In this regard, FINANCIAL stability is evidently accompanied by the lower nominal interest rate AND inflation in line with Gertler AND Karadi (2011). In other words, although unconventional rather than conventional MONETARY POLICY instruments were limitedly utilized amid FINANCIAL turmoil in Iranian economy, they create sustainable growth along with lower interest rate AND inflation in the medium term accompanied by higher household welfare. Utilization of unconventional MONETARY POLICY instruments diversifies POLICY tools AND reduces the deviation of conventional POLICY instruments AND target variables (price, output growth AND FINANCIAL stability) in the Iran macroeconomic environment.

Competition law is a newcomer to the legal system recently. A sound understANDing of competition POLICY can provide us with sufficient bases to apply a fundamental AND normative view of the issues of competition law. The difference in supervision AND regulation determines how the market functions AND in order to understAND this difference one must understAND competition POLICY. Competition POLICY may be based on governmental support for national production AND industry or on a non-interventional AND regulatory posture. Moreover, supervision, based on the principle of non-intervention in the market mechanism, is rooted in liberal ideas; however, regulation, whether as a rule or an exception, is based on the assertion that the market has been ineffective in attaining its goals. Therefore, the government will resort to interventions to regulate inefficiencies.  This paper aims to analyze Supervisory Authority in Implementing Competitive POLICY by employing the description method. In this article the author tries to first delineate competition POLICY, its related requirements AND imposed deviations to the market. Then, by defining the supervisory entity AND clarifying its distinction from the regulatory institutions, the author considers the characteristics of an appropriate supervisory entity conducting a comparative study of this issue in Iran AND the U.S.A. This form of Competition POLICY because of its applicable experiences which have been well described by recent scholarship is considered suitable for the native system.

The purpose of this article is to analyze AND evaluate the FINANCIAL stability of the Iranian economy under MONETARY POLICY AND Macroprudential POLICY for time period 2009-09-199. Therefore, an attempt was made to address this issue at both micro AND macro levels. At the micro level, the effects of MONETARY AND macroeconomic policies were evaluated using the Generalized method of moments (GMM), in four different modes on the risk-taking of the country's banking network. At the macro level, a structural vector auto regression (SVAR) model was used to investigate the effects of these two policies on housing AND stock prices. The results show that, first; To regulate banks' risk-taking, MONETARY AND macro-prudential policies contrary to the periodicity of business cycles should be used. Thus, the relationship between the rate of legal reserves as an indirect MONETARY instrument at the disposal of the country's MONETARY authority with the level of risk-taking of banks was positively AND statistically significant. In this sense, with the increase of the legal reserve rate (apply a tight MONETARY POLICY), the interest rate will increase AND this will increase the risk of banks. Also, increasing the deposit rate as a macro-prudential POLICY tool has been associated with reducing the risk of banks. Secondly; tight MONETARY POLICY has the potential to deter rising housing AND stock prices, although the extent of this impact is not significant compared to other factors affecting the prices of both housing AND equity assets.

The importance of female heads of households in providing the basic needs of household members on the one hAND AND the limitations they face in most socio-economic fields have made it necessary to pay attention to the issues of female heads of households in most societies including our country. The purpose of this study is to use the systematic review method to review AND evaluate the POLICY proposals that have been proposed in Iran for women heads of households. A total of 296 articles AND 5 reports were identified. In the review AND eligibility phase, the total number of selected texts was considered to be 79 texts, of which 62 studies used the quantitative method AND 17 studies used the qualitative method. Based on the studies that proposed POLICY proposals, the characteristics of female heads of the household, the axes of vulnerability, the evaluation of policies AND proposals were determined. The findings showed that more POLICY proposals were made based on the characteristics of low literacy, being unemployed, AND being middle-aged. Based on the axes of vulnerability, women heads of households are more vulnerable psychologically AND socially than they are materially vulnerable in many cases. The evaluation of policies for women heads of households showed that the most interventions for the empowerment of women heads of households were focused on the economic field AND were mainly pursued in the form of FINANCIAL payments AND did not pay enough attention to other aspects of women's empowerment, while the empowerment of women heads of households was successful when It is expected to simultaneously pay attention to their mental health AND improve their social AND economic status.

By considering the increasing importance of international trade AND economies interdependence to each other, AND also because of the importance of housing in the national economy, this study according to studies antipa AND schalck (2009) AND vargas-silva (2008) examines the effects of macroeconomic variables, including fiscal AND MONETARY POLICY variables, on residential investment in open economy AND closed economy. For investigating these effects are used vector error correction model (VECM) AND the time period (1370–1386). Generalized impulse response functions (GIRFs) show that consumption AND liquidity, than the government investment expenditures on construction sector, have greater effect on residential investment. Government investment expenditures on construction sector as a fiscal POLICY variable, low impact but positive has on residential investment. The results illustrate that the role of MONETARY POLICY in open economy on residential investment is more significant than closed economy, while government investment effect on residential investment has declined. These results emphasize on the importance of MONETARY POLICY on residential investment, versus fiscal POLICY. Forecast error variance decompositions confirm also results of generalized impulse response functions.