University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Testing the long run neutrality of money based on the seasonal cointegration theory: The case of Iran
5
24
30862
10.22059/ier.2002.30862
EN
Journal Article
2015
11
30
This article uses seasonal integration and co integration techniques to test the hypothesis of neutrality of money, using data from the Iranian economy. Seasonal data for the three variables of money supply, output and prices show that (increase in) money supply and the price level are co integrated at zero frequency, but one does not see such a relationship between (increase in) money supply and output. These results imply that in the long run changes in money supply only influence nominal variables not real ones. We can thus say that in the long run, money is (super) neutral.
University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Scientific vs. Cookbook Econometrics An emphasis on the Ethical Issues
25
36
30863
10.22059/ier.2002.30863
EN
Journal Article
2015
11
30
During the 1960’s, many as was firmly supported by the historical founders of econometrics, had hoped that econometrics would provide a sound scientific foundation for econometrics in which each element of specification would be determined primarily on the basis of economic theory. However, due to misusing of econometrics and also wide usage of the so called cookbook econometrics, many researchers -especially economists - have recently lust some confidence in econometrics. <br />The present paper discuss the ingredients of the scientific econometrics and suggest ways of helping to renew optimism about scientific econometrics or as I have called it ‘scienceometrics’ with an emphasis on the ethical issues.
University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Administrative rationing and multiple equilibria
37
63
30864
10.22059/ier.2002.30864
EN
Journal Article
2015
11
30
In this paper, we introduce non-interest profit/loss sharing (PLS) banks into a three-period overlapping generations model. Two types, (low- and high quality) investments are assumed and capital accumulation and level of output in the steady state is considered. Then, administrative rationing is introduced to the model. It is shown that the level of capital accumulation and output in equilibrium are lower compared to the market solution.
University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Testing for Stochastic Non- Linearity in the Rational Expectations Permanent Income Hypothesis
63
78
30865
10.22059/ier.2002.30865
EN
Journal Article
2015
11
30
The Rational Expectations Permanent Income Hypothesis implies that consumption follows a martingale. However, most empirical tests have rejected the hypothesis. Those empirical tests are based on linear models. If the data generating process is non-linear, conventional tests may not assess some of the randomness properly. As a result, inference based on conventional tests of linear models can be misleading. <br />This paper tests for the presence of stochastic non- linearity in aggregate consumption of non- durable goods and services, using US and Canadian data. The two major tests applied are a test devised by Brock, Dechert, and Scheinkman, and a test based on an Artificial Neural Network model. The results support the hypothesis that there is no non- linearity in the data. The forecast results, however, suggest that even though linearity is not rejected, the non-linear ANN model tends to outperform the linear ARIMA model over three different horizons.
University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Regional Economic Differences in Iran Theory and Evidence
79
94
30866
10.22059/ier.2002.30866
EN
Journal Article
2015
11
30
Increasing concern over the regional dimensions of national economic planning since 1970s, has constituted appropriate baselines for scientific analysis of regional differences The Iranian planning views in the pre and post revolution era have been examined in this article, based on both theoretical and applied study of regional differences. Then the types and degrees of convergency and/or divergency of differences in the supply- side and demand-side are explained. The lack of scientific and conceptual frameworks in planning process in Iran, based on the results, arc the main obstacles for obtaining plan’s objectives and designing appropriate strategies in the regional domain. Our findings - from the behavioural and experimental point of view-also confirm the relevence of same story in planning constrains , and indicate the need for improved conceptual frameworks to shed light on the foregoing problems.
University of Tehran
Iranian Economic Review
1026-6542
6
6
2002
01
01
Monetary Union Its Costs
95
109
30867
10.22059/ier.2002.30867
EN
Journal Article
2015
11
30