There is a dispute among economists about the impact of monetary variables on real variables. Some believe that the change in money volume affects only the nominal production and it does not have any effect on real variables of economy such as real employment, real production and real economic growth. The others claim that the monetary variables can also influence the real ones in short run and even long run and they escalate the economic growth, as there is monetary misgiving in economic factors. The current research investigates different economic theories in this realm and tests them by applying the existing information and statistics. This is an analytical and empirical research because it analyses events by experimental observations in several statistical models. This paper scrutinizes neutrality or non-neutrality of the money during the period 1959 to 2008 in Iran with a monetarists’ approach. Findings show that there is no significant relationship between the money volume and real economic variables, production and employment and monetary policies are neutral in Iran. The gross domestic product in Iran does not fluctuate intensively except in recent years and it has a normal direction. However, the unemployment rate fluctuates largely which is not natural.
کلید واژگان :Monetary policy % Neutrality of money % Real variables % Monetary variables % Monetarists’ approach
ارزش ریالی : 600000 ریال
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