Zero Nominal Interest Rates: Is it Necessary for the Optimality of Monetary Policy?

Publish Year: 1394
نوع سند: مقاله کنفرانسی
زبان: English
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شناسه ملی سند علمی:

MRMEA01_165

تاریخ نمایه سازی: 30 بهمن 1394

Abstract:

In this paper, using the model, the economy was divided into two monetary and non monetary environments. In order to achieve this, we consider one-sector neoclassical growth model and obtain consumption and capital stock paths for two mentioned above. In order to achieve this, we use Mathematica software. To achieve optimal monetary policy, three scenarios are defined for the environment and their results are compared with each other. The results show that the zero nominal interest rate is necessary condition for optimal resource allocations and thus optimal monetary policy

Authors

Hojjat Hosseinzadeh

Master of economic in Isfahan’s university of Iran

Ali Esmaili

Master of urban management in Allama Tabatabayi’s university of Iran

Javad Pourghaffar

Master of Accounting, Islamic Azad University, Tabriz Branch, Department of Accounting, Tabriz, Iran

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