حسن ولی بیگی

The purpose of this study is to investigate the relationship between price indicators and exchange rate in Iran with the approach of Wavelet coherence analysis in the period of April 2002 to December 2017. The results show that the relationship between consumer price index and exchange rate in in the mentioned period and at the one-year time scale has been homogeneous. And the intensity correlation between these variables for a short time scale, below two years, is very important. The interaction intensity between exchange rate and the consumer price index increases when exchange rate and inflation uncertainties have increased, and we are witnessing the formation of inflationary peaks in the inflation rate of the consumer price index. Also, examining the relationship suggests a strong and positive relationship between exchange rate and the producer price index during uncertain periods.

Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of the real sector. Therefore, there is a need for more investigation on the behavior of banks and factors affecting those behaviors in a country. One of the issues that affect the behavior of banks is symmetric information. Thus, the main aim of the present study was to investigate the impact of asymmetric information in the money markets on investment, production, and employment. Hence, based on the New-Keynesian framework, a Dynamic Stochastic General Equilibrium (DSGE) model was adopted in accordance with the structure of the economy of Iran. The designed model entailed nine sectors including households, firms, banks, the Central Bank, oil, the government, exports, imports, and other countries of the world. Moreover, the rigidities of the prices and wages, and the rigidities of the imported and exported goods were taken into account in the model. By using the Bayesian method and data gathered from Iran during 1974-2017, the parameters of equations were estimated and the impact of symmetric information was investigated. The results indicated that increasing the asymmetric information and reducing the honesty in the society through decreasing the resources available to the banks and increasing the cost of banks will lead to an increase in the profit of the facilities. Also, increasing the profit of banks concessional loans decreases investment, production, and employment.