The Impact of Fiscal Policy on Macroeconomic Variables: New Evidence from a DSGE Model

	The Impact of Fiscal Policy on Macroeconomic Variables: New Evidence from a DSGE Model
International Journal of Business and Development Studies
مقاله 2، دوره 9، شماره 2، خرداد 2017، صفحه 29-54 اصل مقاله (1.06 M)
شناسه دیجیتال (DOI): 10.22111/ijbds.2017.3703
نویسندگان
Ahmad Jafari Samimi؛ Naser Khiabani؛ Zahra Mila Elmi؛ Narges Akbarpour Roshan
چکیده
The purpose of this article is to analyze the macroeconomic impacts of fiscal policy in Iran using a new-Keynesian Dynamic Stochastic General Equilibrium (DSGE) model. The model takes into account distortionary taxations on wage, dividend, and consumption, while government expenditures are broken down into consumption of goods and services, and investment. The model is calibrated for Iran based on the estimated parameters by Bayesian method. To do so, a data set from 1981 to 2016 is used. The impulse response functions illustrate that an increase in consumption tax rate has a larger impact on the contraction of the economy than wage tax rate whereas the expansionary effects of government investment is much larger than government consumption expenditures.
کلیدواژه‌ها
Fiscal policy؛ DSGE model؛ Distortionary taxation؛ Iran
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