نوع مقاله : علمی
نویسندگان
دانشگاه مازندران
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
This paper investigates the role of money as an effective variable in the production process within the framework of a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. In this framework, real money balances enter the production function alongside conventional factors such as labor, capital, and technology. To achieve this, money demanded by firms is explicitly separated from household money demand. The model is linearized around its non-stochastic steady state and subsequently solved numerically using calibration and simulation techniques implemented in Dynare. Model parameters are estimated using prior literature benchmarks and empirical data from the Iranian economy spanning the period 1989–2021.Subsequently, utilizing Iranian economic data, the impact of money on output is assessed via Impulse Response Functions (IRFs) to examine the dynamic response of output to monetary shocks, and Variance Decomposition (VD) to quantify the relative contribution of various shocks to output fluctuations.The modeling results indicate that the effect of money on output in the Iranian economy is limited, particularly through firms’ money demand. Conversely, household money demand exerts a larger and more significant impact on output. This divergence may be attributable to the crucial role of real money balances held by households in facilitating consumption and investment transactions, as well as in shaping household expectations and confidence. These findings suggest that money does not function as a strong, independent factor of production in Iran; however, household money demand behavior significantly influences the aggregate output level. Furthermore, this study demonstrates that differentiating between firm and household money demand offers a superior understanding of monetary transmission mechanisms within the economy.
کلیدواژهها [English]
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