TY - JOUR JF - JSE JO - jemr VL - 8 IS - 29 PY - 2017 Y1 - 2017/10/01 TI - Asymmetric Effects of Monetary Shocks on Business Cycles in Iran (Approach: DSGE Model) TT - بررسی اثرات نامتقارن شوک‌های پولی در ادوار تجاری ایران (رویکرد: مدل تعادل عمومی پویای تصادفی) N2 - In this study, using Dynamic Stochastic General Equilibrium Model (DSGE model) the hypothesis of asymmetry of monetary shocks in the Iranian business cycle during the period of 1979-2012 is tested on macroeconomic variables. The designed model broadens the analytical framework of dynamic equilibrium models with respect to the economic characteristics of an oil-exporting country. To extract business cycles, the Hodrick-Prescott filtering process has been used. The results of the research indicate that the effects of positive and negative monetary shocks during ascendancy and economic prosperity are asymmetric, so that the effect of positive shock during the recession period in the Iranian economy during the studied period was stronger than the negative shock level. On the other hand, the results show that the effect of positive shocks during the boom period in the Iranian economy on the price level changes its size in proportion to the size of the shock; however, the effect of negative shocks during the boom on the level of prices initially reduced inflation and then after a short time Inflation increases again. Therefore, it can be stated that in the economy of Iran both inflation and economic boom will increase. In the case of production and investment, this asymmetry is in a way that results in a broader expansionary policy in a recession and, in economic prosperity, the optimal political policy is contractionary. SP - 133 EP - 168 AU - Sahabi, Bahram AU - Asgharpur, Hossein AU - Qorbani, Saeed AD - Tarbiat Modares Universit KW - Asymmetric Effects KW - Monetary Shocks KW - GDP KW - Investment KW - Business Cycles KW - Dynamic Stochastic General Equilibrium Model (DSGE model) and Hodrick-Prescott Filter UR - http://jemr.khu.ac.ir/article-1-1220-en.html DO - 10.29252/jemr.8.29.133 ER -