Short-term and long-term monetary transmission policy based on structural vector auto regression model in Iran

The purpose of this article is to investigate the effects of monetary policy through monetary transmission channels (interest channel, exchange rate channel, credit channel and expectations channel) in the short and long term during the period 1386Q1-1396Q4. For this purpose, using the structural vector autoregression model of the effects Monetary policy was examined through channels. The experimental results obtained by estimating the relationships between variables using the SVAR approach based on statistical data show that in the short and long term, the exchange rate channel is the most effective channel in the transmission of monetary policy, so that the variable of expectations has both the most effect in the short term and long-term on this channel, after the exchange rate channel, there are expectations channel, and after that, credits and interest rate channel, which have the greatest impact in the short and long term, respectively.Finally, by examining the relative importance of monetary transfer channels to each other, it can be pointed out that with the passage of time, the influence of the channels will change, so that with price shocks, the expectations channel has the greatest impact in the short term, and the medium term of the effective money and the interest rate channel is effective in the long term.