Investigating the Asymmetric Effects of Monetary Policy on the Macroeconomic Variables of Iran in the Short and Long Term Using the Technique

Controlling inflation and economic growth is one of the most important economic goals that governments seek to achieve through tools such as monetary policy. To achieve their policy goals, monetary policymakers need to have a careful assessment of the effectiveness of monetary policy in the short and long term. The purpose of this study is to investigate the effect of asymmetric shocks of monetary policy on inflation and real output variables in the period 1994:1-2016: 4 using the NARDL technique. The results of the study showed that only positive liquidity shock has a positive and significant effect on GDP and its negative shock has no significant effect on GDP in the long run. Also, according to the results, in the short run, positive and negative liquidity shocks do not have a significant effect on production, but short-term positive liquidity shocks after a break have a positive effect on GDP. Accordingly, the asymmetric effects of positive and negative monetary policies on economic growth are accepted. ....