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Monetary policy and exchange rate overshooting in Iran: A Vector Errors Correction (VEC) approach | ||
| International Economics Studies | ||
| مقاله 6، دوره 44، شماره 1، تیر 2014، صفحه 67-74 اصل مقاله (436.5 K) | ||
| شناسه دیجیتال (DOI): 10.22108/ies.2014.15572 | ||
| نویسندگان | ||
| Hosein Sharifi-Renani* ؛ Molood Raki؛ Naghmeh Honarvar | ||
| Khorasgan Branch, Islamic Azad University | ||
| چکیده | ||
| Assumption of exchange rate overshooting has significant position in international macroeconomic discussion. This phenomenon is one of the abnormal behaviors of exchange rate that happen in short run. Dornbusch (1976) shows that because speed of equilibrium prices is slow relative to asset markets and commodity prices are sticky in the short run, However, over time, commodity prices will rise and result in a decrease in real money supply and thus, in a higher interest rate. This, in turn, will cause the currency to appreciate. The aim of this article is study of exchange rate overshooting for period 1380:1-1387:12 by Vector Error Correction approach. Results show that monetary relative shock in long run and short run also effect exchange rate that imply exchange rate overshooting in Iran. | ||
| کلیدواژهها | ||
| monetary policy؛ Exchange rate overshooting؛ Vector Error Correction (VEC) approach | ||
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