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:: دوره 11، شماره 1 - ( زمستان 1394 ) ::
جلد 11 شماره 1 صفحات 15-30 برگشت به فهرست نسخه ها
Central Bank Independence and Central Bank Conservatism: Theory with an Application to Iran
چکیده:   (249 مشاهده)

New monetary literatures widely concentrates on the importance of institutional arrangements in the effectiveness of monetary policy. The debate regarding the optimal institutional design of central banks, independence and conservatism are usually considered to be the most important ingredients for a stable and successful monetary policy. Therefore, the purpose of this study is to deal with the institutional arrangements of monetary policy especially Central Bank Independence (CBI) and Central Bank Conservatism (CBC). Indices used by Grilli et al. (1991), Cukierman (1992), Mathew (2006) and Dumiter (2009) were applied to calculate the CBI during 1961-2016, and CBC in Iran using a dynamic optimal solution under commitment in Barro-Gordon and New-Keynesian forward looking Philips Curve models. Results show that the relative concern on inflation is smaller than that on output gap for the central bank of Iran. Also results regarding the calculations of CBI based on different indices reveals the fact of insufficient independence of central bank in Iran.

JEL Classification: C57, E42, E58

     
نوع مطالعه: پژوهشي | موضوع مقاله: اقتصاد
دریافت: ۱۳۹۷/۱/۱۹ | پذیرش: ۱۳۹۷/۱/۱۹ | انتشار: ۱۳۹۷/۱/۱۹
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Derakhshani Darabi K, Jafari Samimi A. Central Bank Independence and Central Bank Conservatism: Theory with an Application to Iran. 3. 2016; 11 (1) :15-30
URL: http://jme.mbri.ac.ir/article-1-254-fa.html

Central Bank Independence and Central Bank Conservatism: Theory with an Application to Iran. 1. 1394; 11 (1) :15-30

URL: http://jme.mbri.ac.ir/article-1-254-fa.html



دوره 11، شماره 1 - ( زمستان 1394 ) برگشت به فهرست نسخه ها
Journal of Money and Economy Journal of Money And Economy
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