متغيرهاي پولي و مالي آزمون خنثايي پول

Monetary and Fiscal Variables and Neutrality Test

This survey seeks to investigate the effect of (anticipated and unanticipated) monetary and fiscal policies, also the rationality of expectations formation in Iranʹs economy (1338-82), employing SUR method. The results indicate that the anticipated and unanticipated monetary policies are neutral, but anticipated fiscal policies have significant positive effects on real output. Also with respect to the significance of anticipated monetary policy effect and ineffectiveness of unanticipated monetary policy, the rational expectations hypothesis is not accepted for Iranʹs economy. Finally, it is concluded that only fiscal policies can be employed to stimulate production level, but the inflationary effect of such policies should not be ignored.