فصلنامه پژوهش های پولی - بانکی
پیاپی 47 (بهار 1400)

This paper attempts to describe and analyze the effects of monetary shock as an exogenous shock on companies listed in Tehran exchange stock market by using a varying parameter model and the seasonal data from 2011 to 2018. The results indicate a standard deviation of monetary shock (positive monetary shock) has a different effect on companies listed in Tehran exchange stock. Also, the response of the company’s value is different in the passing time, hence the need for applying a varying- parameter model. In the selected sectors, the companies in the basic metal and the food and beverage industries have been the positive response and the companies in the chemical industry have been the negative response to a liquidity shock. Also, the response of companies in other industries is different in time.

This study examines the monetary policy rule of the Central Bank of Iran regarding exchange rate policy and monetary base. Since the rule of monetary policy is flexible to the economic conditions and the regime governing policy variables, the Markov regime transmission approach has been used to derive the rule of monetary policy in the period 1384:1-1397:1. The results show that the output gap in the low regimes of exchange rate has a positive and significant effect and in the high regimes has a negative and significant effect, and the inflation gap in the high exchange rate regime has a positive and significant effect and in the low exchange rate regime the exchange rate does not have a significant effect. On the low regimes of exchange rate, the government's budget deficit has a positive and significant effect and does not have a significant effect on the high regimes. Also, the output gap has a positive and significant effect in the low and high levels of its value. Monetary regime, and the inflation gap in the high levels of monetary base has a negative and significant effect, and in the lower regimes it has a positive and significant effect. Based on these results, it is recommended that the central bank pay attention to monetary and exchange rate behavioral regimes in implementing foreign exchange and monetary policies and adopt appropriate monetary and exchange rate policies in each regime, depending on the circumstances.

Abstract
The aim of this research is analyzing interest rate pass – through of lending and deposits in Iran. Interest rate pass – through from policy interest rate to banking micro interest rates is among most important effective factors on the monetary transmission mechanism. Thereby, more complete interest rate pass through means more efficiency monetary policy. To do this analysis, a DSGE model with banking system is designed. In this model, the volume of deposits is determined by patient households and loans is devoted to impatient households. Moreover, policy interest rate is determined by central bank in interbank market. The interest rate pass- through of lending and deposits are determined by measuring the gap between these two rates with policy rate. By using quarterly data on the period 1383-1398 and Bayesian approach, the structural parameters of the model are estimated. Based on results, the interest rate pass – through of lending and deposits are 0.13 and 0.52, respectively. These  results reveals that in response to variations in the policy rate, the lending rate and deposit rate will changes, lower than one – to -one, therefore, the efficiency of monetary policy in Iran is not sufficient to satisfy inflation and output targets.

The issue of exchange rate fluctuations, management and central bank intervention in this market is one of the most important issues in the field of economic literature as well as in economic policy issues. In order to maintain balance in the markets, especially the foreign exchange market, and to protect it from the attack of traders, policymakers always try to manage exchange rate changes in a favorable range by applying appropriate policy tools. Under a managed floating exchange rate system, surplus supply or demand for foreign exchange is usually adjusted by a combination of exchange rate fluctuations and foreign reserves. Simultaneous changes in exchange rates and foreign reserves are interpreted in the economic literature as Exchange Market Pressure. Due to the strong dependence of government economic activities and even the private sector on foreign exchange resources resulting from oil exports, due to the rapid transfer of foreign exchange shocks to the country's economic variables, the study of this issue is inevitable. So this article tries to embedding the monetary channel of the Exchange Market Pressure index in the policy function of the central bank based on the Dynamic Stochastic General Equilibrium model, the policymaker's behavior in the face of various foreign exchange shocks should be analyzed. Accordingly, the exchange rate fluctuation has been compared in two policy functions of a Dynamic Stochastic General Equilibrium model for the Iranian economy. In the first model, monetary policy is adjusted in response to the foreign Exchange Market Pressure index, and in the second model sensitive to the real exchange rate. The results show that in the first model, in exchange rate shoks, inflation, production, consumption and investment have less fluctuations than the second model, and the economy reaches equilibrium in less time. Therefore, the effectiveness of the central bank's monetary policy through sensitivity to foreign exchange market pressure will be greater than sensitivity to the real exchange rate.

Asymmetric information and uncertain macro-situation make loaning risky and affect loan conditions, including loan rate. Due to limitations in data-availability, there is little information about rates in Iran. We try to estimate loan rates based on the information of observable and potentially correlated risk factors. Three types of risks affect the bank-firm relationship: firmchr('39')s credit risk, bankchr('39')s operational risk, and macroeconomic environment risk. Based on Iranian listed companieschr('39') financial and ownership data from 1386 to 1397, we drive our results using a novel idea of connecting firmschr('39') total financial cost with the risk factors connected to each loan. We also find that a lower loan rate accompanies higher bankchr('39')s voting rights in the firm, which is aligned with connected lending observation in Iran. We show that the firmchr('39')s credit risk variables, working capital ratio, net profit ratio, and fixed assets ratio, are negatively correlated with the loan rate, and debt ratio is positively correlated with the rate. Among the factors related to bankchr('39')s risk, administration cost is a positively correlated factor. However, our results show a very high correlation between loan rates and the rate approved by the Monetary and Credit Council.

Nowadays one of the most important approaches for organizations’ success to get sustainable competitive advantages is to develop their marketing capabilities. The capabilities which are related to market and customers can affect lots of organizational outputs. In the current research, a model for marketing capabilities was represented. First of all, emphasizing theories and frameworks about marketing capabilities and utilizing view of Melli Bank experts, preliminary model were extracted. Continuously applying structural equation model in LISREL software environment the extracted model was tested and finally final definitive model of marketing capabilities in includes relationship marketing (contains customer relationship capability, marketing capability and servicing customers’ capability), innovation capability (contains improving service quality capability, new service development capability and branding capability) and internet marketing capability (contains online exchange quality, website content quality and electronic service quality) was gained.