Nonlinear Transmission Mechanisms of Monetary Policy into Industrial Sector: A Markov Switching Vector Auto Regressive Approach (MSVAR)
Article Type:
Research/Original Article (دارای رتبه معتبر)
In order to implement a successful monetary policy, monetary authorities must have a correct assessment of the time and extent of the impacts of this policy on economic variables in different conditions. In this article, using the quarterly data of Iran's Central Bank, the contribution of different channels of monetary policy effects on the production of manufacturing sector and the general level of prices in the period of 1994-2008 will be determined. For this purpose, while using the Markov Switching Vector Autoregressive Method (MSVAR), two endogenous and exogenous models are estimated under two regimes of zero and one. Considering Iran's Bank based financing system, it is expected that the credit channel will play an active role in transferring money to the production sector. The results of this research confirmed the effect of monetary policy on production and inflation through the credit channel in both regimes. Also, the results confirm that currency rate and housing channels have been effective in transferring the effect of monetary policies to production and the general level of prices. Considering the high cost of housing rent in Iran, it was found that housing price fluctuations in the regime zero have more inflationary effects than in the regime one. Compared to other channels, the stock price channel has had less impact on the transmission of monetary policies on the level of production and inflation. According to the above results, it is necessary to pay more attention to currency stability, and in addition, pay more attention to the capital market as a suitable tool for directing resources to productive activities.
Journal of Industrial Economics Research, Volume:6 Issue: 22, 2023
65 to 88  
دانلود و مطالعه متن این مقاله با یکی از روشهای زیر امکان پذیر است:
اشتراک شخصی
با عضویت و پرداخت آنلاین حق اشتراک یک‌ساله به مبلغ 990,000ريال می‌توانید 70 عنوان مطلب دانلود کنید!
اشتراک سازمانی
به کتابخانه دانشگاه یا محل کار خود پیشنهاد کنید تا اشتراک سازمانی این پایگاه را برای دسترسی نامحدود همه کاربران به متن مطالب تهیه نمایند!
  • حق عضویت دریافتی صرف حمایت از نشریات عضو و نگهداری، تکمیل و توسعه مگیران می‌شود.
  • پرداخت حق اشتراک و دانلود مقالات اجازه بازنشر آن در سایر رسانه‌های چاپی و دیجیتال را به کاربر نمی‌دهد.
In order to view content subscription is required

Personal subscription
Subscribe for 50 € euros via PayPal and download 70 articles during a year.
Organization subscription
Please contact us to subscribe your university or library for unlimited access!