نوع مقاله : مقاله پژوهشی
1 دانشیار اقتصاد، گروه اقتصاد، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه
2 عضو هیات علمی پژوهشکده تحقیق و توسعه علوم انسانی، سازمان سمت
3 دانشجوی دکترای اقتصاد دانشگاه ارومیه
عنوان مقاله [English]
Money and its role in the economy has always been an indispensable part of economic debates, because policymakers and economists have always had conflicted views about the role of this policy variable from different directions of thought. This article in this direction and using quarterly data over the 1393-1369 period for the Iranian economy studies issues such as neutrality of money, asymmetric monetary shocks and the credit channels through which monetary policy transmitted to the production. For this purpose, using the Markov-Switching model we determined the business cycle for Iran and we separated positive and negative monetary shocks from one another. Then the result of estimating four different scenarios, using ARDL models, show that money is neutral in the long run (with the emphasis on the credit channel) in the economy of Iran and the impact of credit shocks on output is asymmetric and effective during business cycles in the short run.