- Adrian, T., & Boyarchenko, N. (2012). Intermediary leverage cycles and financial stability. Becker Friedman Institute for Research in Economics Working Paper, (2012-010).
- Ahadifar, A., Ranjpour, R., Karimi Takanlo, Z., & Haghighat, J. (2021). Investigating determinants of banking leverage in selected Iranian banks. Economics Research, 21(81), 11-44. (In Persian).
- Aikman, D., Lehnert, A., Liang, N., & Modungno, M. (2020). Credit, financial conditions, and monetary policy transmission. 62nd Issue (June 2020) of the International Journal of Central Banking.
- Ajello, A., Boyarchenko, N., Gourio, F., & Tambalotti, A. (2022). Financial stability considerations for monetary policy: Theoretical Mechanisms.
- Alberola, E. (2024). Introduction: The transformation of fiscal policy in the turbulent era. In Fiscal policy in a turbulent era (pp. 1–20). Edward Elgar Publishing.
- Alesina, A., & Giavazzi, F. (Eds.). (2013). Fiscal policy after the financial crisis. University of Chicago Press.
- Amiri, M., Dehghan Dehnavi, M. A., & Rezaei, M. (2019). Evaluation of the effects of capital injection on the performance of government banks. Quarterly Studies in Banking Management and Islamic Banking, 4(11), 93-130. (In Persian).
- Amirmojahedi, S., Raeispour Rajabali, A., Jalaee Esfandabadi, S. A., & Zeinalzadeh, R. (2023). Studying the effect of financial friction and development shocks on knowledge base index of Economic Sectors in Iran. Monetary & Financial Economics, (), (In Persian).
- Azadeh Ranjbar, S., Raghfar, H., & sangari mohazab, K. (2022). Impact of liquidity crisis on economic recession: limited simulation based on consumer and producer behavior. Journal of Economic Research (Tahghighat- E- Eghtesadi), 56(4), 613-635 (In Persian).
- Azizi A, Komijani A, Rahmani T. Effects of Non-performing loans on endogenous banking money creation and banking sector fragility in Iran. Quarterly journal of economic research and policies; 27 (91) :43-72 (In Persian).
- Bandera, N., & Stevens, J. (2024). Monetary policy consequences of financial stability interventions: assessing the UK LDI crisis and the central bank policy response (No. 1070). Bank of England.
- Bank for International Settlements (2014). Debt and the financial cycle: domestic and global. Chapter IV in the BIS Annual Report (Basel: Bank for International Settlements).
- Barajas, M. A., Choi, W. G., Gan, K. Z., Guérin, P., Mann, S., Wang, M., & Xu, Y. (2021). Loose financial conditions, rising leverage, and risks to macro-financial stability. International Monetary Fund.
- Bayat, N., & Bahrami, J. (2017). Evaluating Taylor rule and money growth rate rule in a DSGE model for Iran. Iranian Journal of Trade Studies, 21(83), 67-102 (In Persian).
- Bayat, N., Bahrami, J., & Mohammadi, T. (2017). Inflation targeting and nominal GDP targeting in monetary rules for Iran economy. Quarterly Journal of Applied Theories of Economics, 4(1), 29-58 (In Persian).
- Behrami Zenouz, P., Mahravian, A., Sefi Pour, R., & Amin Rashti, N. (2021). Investigating the effects of factors on capital adequacy ratio in the Islamic banking system of Iran and Malaysia. Economic Finance, 54(15), 137-160 (In Persian).
- Bernanke, B. S., & Blinder, A. S. (1988). Credit, Money, and Aggregate Demand on JSTOR.
The American Economic Review, 435.
https://doi.org/181.
- Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. Handbook of macroeconomics, 1, 1341-1393.
- Bernanke, B., Geithner, T. F., Liang, J. N., & Paulson, H. M. (2020). First responders: Inside the US strategy for fighting the 2007-2009 global financial crisis. Yale University Press.
- Bhattacharya, R., Tripathi, S., & Chowdhury, S. R. (2019). Financial structure, institutional quality and monetary policy transmission: A Meta-Analysis. National Institute of Public Finance and Policy.
- Bhattacharya, S., Tsomocos, D. P., Goodhart, C., & Vardoulakis, A. (2011). Minsky’s financial instability hypothesis and the leverage cycle. London School of Economics FMG Special Paper.
- Bianchi, J., & Mondragon, J. (2022). Monetary independence and rollover crises. Quarterly Journal of Economics, 137(1), 435–491.
- Blanchard, O. (2023). Fiscal policy under low interest rates. MIT press.
- Boitani, A., & Punzo, C. (2019). Banks’ leverage behaviour in a two-agent new Keynesian model. Journal of Economic Behavior & Organization, 162, 347-359.
- Borio, C. E., Farag, M., & Zampolli, F. (2023). Tackling the fiscal policy-financial stability nexus. Bank for International Settlements, Monetary and Economic Department.
- Borio, C., Farag, M., & Zampolli, F. (2024). Fiscal policy and financial stability: Revisiting the nexus. In Fiscal Policy in a Turbulent Era (pp. 139–153). Edward Elgar Publishing.
- Boyarchenko, N., Favara, G., & Schularick, M. (2022). Financial stability considerations for monetary policy: Empirical evidence and challenges.
- Briem, Ó. (2005). Leverage Behaviour in the G‐7 Countries and the Influence of Stock Returns. Tímarit um viðskipti og efnahagsmál, 3(1), 23-46.
- Brissimis, S. N., & Magginas, N. S. (2005). Changes in financial structure and asset price substitutability: A test of the bank lending channel. Economic Modelling, 22(5), 879-904.
- Brunnermeier, M. K., & Sannikov, Y. (2014). A macroeconomic model with a financial sector. American Economic Review, 104(2), 379-421.
- Cairó, I., & Sim, J. (2023). Monetary policy and financial stability. Journal of Economic Dynamics and Control, 157, 104764.
- Calvo, G. A. (1983). Staggered prices in a utility-maximizing framework. Journal of monetary Economics, 12(3), 383-398.
- Carlstrom, C. T., & Fuerst, T. S. (1997). Agency costs, net worth, and business fluctuations: A computable general equilibrium analysis. The American Economic Review, 893–910.
- Christiano, L. J., Motto, R., & Rostagno, M. (2010). Financial factors in economic fluctuations. ECB Working Paper No. 1192.
- Christiano, L. J., Motto, R., & Rostagno, M. (2014). Risk shocks. American Economic Review, 104(1), 27–65.
- Collard, F., Boissay, F., Galí, J., & Manea, C. (2023). Monetary policy and endogenous financial crises. TSE Working Paper, n. 21-1277, Toulouse, France.
- Dale, S., & Haldane, A. (1993). A simple model of money, credit and aggregate demand (No. 7). Bank of England.
- Dargahi, H., & Hadian, M. (2016). Evaluation of fiscal and monetary shocks with emphasis on the interactions of banking system balance sheet and the real sector of Iran's economy: A DSGE approach. Quarterly Journal of Applied Theories of Economics, 3(1), 1-28 (In Persian).
- Davoudi, P., & Bastanzad, H. (2020). Monetary policy and financial stability in Iran (DSGE approach). Quarterly Journal of Quantitative Economics, 17(2), 43-87 (In Persian).
- Dehghanmanshadi, M., Eslamloueyan, K., Hadian, E., & Dehghan Shabani, Z. (2020). The Effect of institutional quality on business cycle and the dynamics of macroeconomic variables in Iran. Journal of Economics and Modelling, 11(1), 29-66 (In Persian).
- Deng, C., Zhao, X., & Xu, M. (2022). Financial cycle and the effect of monetary policy. Finance Research Letters, 47.
- Dumičić, M. (2019). Linkages between fiscal policy and financial (In) stability. Journal of Central Banking Theory and Practice, 8(1), 97–109.
- Economic Fluctuations.” ECB Working Paper No. 1192.
- Edesiri, G. O. (2014). Financial leverage behaviour and firm performance: Evidence from publicly quoted companies in Nigeria. Acta Universitatis Danubius. Œconomica, 10(4), 99-106.
- Elsayed, A. H., Naifar, N., & Nasreen, S. (2022). Financial stability and monetary policy reaction: Evidence from the GCC countries. The Quarterly Review of Economics and Finance, 87, 396-405.
- Erfani, A., & Talebbeydokhti, A. (2017). The Investigation of the role of monetary policy and financial leverage on financial stability in the economy of Iran. Journal of Applied Economics Studies in Iran, 6(24), 75-94 (In Persian).
- Eslamloueyan, K (2018). Advanced macroeconomics with an Islamic approach. Tehran: Samt Publications (In Persian).
- Eslamloueyan, K, Khorsandi, M (2012). Rule vs. discretionary monetary policy: a theoretical analysis toward selecting appropriate strategy. Economic Strategy, 1(1) (In Persian).
- Eslamloueyan, K., & Mehralian, S. (2016). The impact of financial uncertainty on monetary policy, inflation and output in Iran: a Markov jump-linear-quadratic (MJLQ) approach. Iranian Journal of Economic Research, 20(65), 1-36 (In Persian).
- Etemadpur, R., & Owjimehr, S. (2023). Evaluating the role of banking facilities distortions in the impact of macroeconomic shocks within the framework of a dynamic stochastic general equilibrium model: a case study of Iran. Quarterly Journal of Applied Theories of Economics, 10(2), 145-182 (In Persian).
- Farzin Vash, A., Ehsani, M. A., & Keshavarz, H. (2014). financial shocks and labor market fluctuations with financial frictions. Iranian Journal of Economic Research, 19(59), 1-37 (In Persian).
- Fetai, B. (2013). The effectiveness of fiscal and monetary policy during the financial crisis. Journal of Economics and Business, 16(2), 3-66.
- Filardo, A., Hubert, P., & Rungcharoenkitkul, P. (2022). Monetary policy reaction function and the financial cycle. Journal of Banking & Finance, 142.
- Fotros, M. H., Tavakolian, H., & Maaboudi, R. (2015). Impact of fiscal and monetary shocks on macroeconomic variables in Iran, Dynamic Stochastic General Equilibrium Approach 1961-2012. Economic Growth and Development Research, 5(19), 94-73.
- Gertler, M., & Gilchrist, S. (2018). What happened: Financial factors in the great recession. Journal of Economic Perspectives, 32(3), 3-30.
- Gertler, M., & Karadi, P. (2011). A model of unconventional monetary policy. Journal of Monetary Economics, 58(1), 17–34.
- Ghasemi, A., & Akbari Moghaddam, B. (2020). Financial instability under a DSGE modeling approach: A case study of Iran. Macroeconomics Research Letter, 14(28), 319-354 (In Persian).
- Gilchrist, S., Siemer, M., & Zakrajsek, E. (2018). The real effects of credit booms and busts. in Technical Report. Working Paper.
- Goldberg, J. E., Klee, E., Prescott, E. S., & Wood, P. R. (2020). Monetary policy strategies and tools: financial stability considerations. FEDS Working Paper No. 2020-74.
- Gudarzi Farahani, Y., Mehrara, M., & Mohamadifard, F. S. (2023). The effects of financial instability on macroeconomic variables with an emphasis on the role of banks with the DSGE approach. The Journal of Economic Policy, 15(29), 171-201 (In Persian).
- Hosseinidoust, S. E., Nasrollahi, R., & Jafari, A. (2022). Investigation of the factors affecting financial instability in developing countries: The SGMM approach. Stable Economy Journal, 3(1), 132-160 (In Persian).
- International Monetary Fund. (2017a). Household debt and financial stability Global Financial Stability Report, (April), Chapter 2, pp. 57-92 (Washington D.C.: International Monetary Fund).
- International Monetary Fund. (2018b). The Rriskiness of credit allocation: A source of financial vulnerability? Global Financial Stability Report, (April), Chapter 2, pp. 57-92 (Washington D.C.: International Monetary Fund).
- Izumi, R. (2020). Financial stability with sovereign debt. Journal of Financial Stability, 51.
- Jafari Samimi A, Balounejad Nouri R, Tranchian A M. (2016). An investigation of the impact of oil revenue shocks on output and inflation under price and wage stickiness conditions. QEER, 12 (48), 1-32 (In Persian).
- Jandaghi Meybodi F, Falahi M A, Feizi M. (2019) Estimating optimal monetary policy rule in Iran based on hybrid models. The Quarterly Journal of Economic Research, 2019; 19 (3),1-30 (In Persian).
- Kato, R., & Tsuruga, T. (2016). The safer, the riskier: A model of financial instability and bank leverage. Economic Modelling, 52, 71-77.
- Keshavarzi, A., Horry, H. R., & Shahryari, Z. (2021). Analysis of the effect of health and monetary policy shocks on macroeconomic variables in the framework of money in the utility function. Journal of Economics and Modelling, 12(2), 31-63.
- Khaki Telli, H, Saleh Ardestani, A and Almasi, H (2013). Liquidity risk assessment in banks with emphasis on profitability indicators and financial leverage of a case study of Iranian banks. Master's Dissertation. Islamic Azad University, Central Tehran branch (In Persian).
- Khorsandi, M., Eslamloueyan, K., & Zonnoor, H. (2012). An optimal rule for monetary policy with inflation persistence: The case of Iran. Iranian Journal of Economic Research, 17(51), 43-70 (In Persian).
- Kiyotaki, N., & Moore, J. (1997). Credit cycles. Journal of political economy, 105(2), 211-248.
- Komijani A, & Tavakoliyanh, H. (2011). Testing the asymmetries in central bank reaction function: The case of Iran. Journal of Economic Modeling, 2 (6),19-42 (In Persian).
- Krishnamurthy, A., & Li, W. (2023). The demand for money, near-money, and treasury bonds. The Review of Financial Studies, 36(5), 2091-2130.
- Liyanagamage, C. (2011). Dynamics in corporate leverage behaviour: A panel data analysis. LAP LAMBERT Academic Publishing.
- Ma, Y., & Lv, L. (2023). Financial development, financial instability, and fiscal policy volatility: International evidence. The North American Journal of Economics and Finance, 64.
- Mankiw, N. G. (1986). The allocation of credit and financial collapse. The Quarterly Journal of Economics, 101(3), 455–470.
- Meh, C. A., & Moran, K. (2010). The role of bank capital in the propagation of shocks. Journal of Economic Dynamics and Control, 34(3), 555-576.
- Mehrabanpour, M. R., Naderi Noorain, M. M., Inanlou, E., & Ashari, E. (2017). Factors affecting the profitability of banks. Empirical Studies in Financial Accounting, 14(54), 119-140 (In Persian).
- Mester, L.J. (2021). Financial stability and monetary policy in a low-interest-rate environment [Speech]. Workshop on Low-Interest-Rate and Unconventional Monetary Policy, Norges Bank, Oslo, Norway (via videoconference). pen_spark tune share more_vert.
- Mester, L. J. (2021). Financial Stability and Monetary Policy in a Low-Interest-Rate Environment (No. 92790).
- Minsky, H.P. (1977). A theory of systemic fragility. Financial Crises: Institutions and Markets in a Fragile Environment, 138–152.
- Minsky, H. P., & Kaufman, H. (2008). Stabilizing an unstable economy (Vol. 1). McGraw-Hill New York.
- Mishkin, F. S. (1997). The causes and propagation of financial instability: Lessons for policymakers (pp. 55-96). Federal Reserve Bank.
- Mishkin, F. S. (2007). The economics of money, banking, and financial markets. Pearson education.
- Mohammadi, T., & Akbarifard, H. (2008). The effects of productivity shocks on economic growth in Iran. Iranian Journal of Economic Research, 11(35), 177-204 (In Persian).
- Mohammadi, T., & Johari, H. (2020). The effect of leverage ratios customers on credit risk in Iranian banks using mixed effects model (fixed and random). Journal of Investment Knowledge, 9(35), 49-64 (In Persian).
- Motavaseli M, Ebrahimi I, Shahmoradi A, Komijani A. (2011) A new Keynesian dynamic stochastic general equilibrium (DSGE) model for an oil exporting country. The Quarterly Journal of Economic Research QJER, 10 (4), 87-116 (In Persian).
- Nagel, S. (2016). The Liquidity Premium of Near-Money Assets. The Quarterly Journal of Economics, 131(4), 1927-1971.
- Nasiri, S., Davoodi, P., Samsami, H., & Tavakolian, H. (2023). Optimal monetary policy and estimating the credibility of monetary policy in Iran using the DSGE approach. Economics Research, 23(88), 5-53 (In Persian).
- Parvin, S., Ebrahimi, E., & Ahmadian, A. (2014). An analysis of the impact of banking system balance sheet shocks on output and inflation in the Iranian economy (A dynamic stochastic general equilibrium approach). Journal of Economics, 14(52), 149-186 (In Persian).
- Paseda, O. (2021). An empirical analysis of low-leverage behaviour: evidence from Nigerian quoted firms.
- Phelan, G. (2016). Financial intermediation, leverage, and macroeconomic instability. American Economic Journal: Macroeconomics, 8(4), 199-224.
- Ramezani akerdi H, Issaei Tafreshi M. (2020). The role of bankruptcy law in maintaining bankrupt business enterprises (Study in Iranian and United State Law). CLR, 24 (1),59-86 (In Persian).
- Rannenberg, A. (2016). Bank leverage cycles and the external finance premium. Journal of Money, Credit and Banking, 48(8), 1569-1612.
- Schnabl, G., & Sonnenberg, N. (2020, April 6). Monetary policy, financial regulation and financial stability: A comparison between the Fed and the ECB. Social Science Research Network.
- Schnabl, G., & Sonnenberg, N. (2020). Monetary policy, financial regulation and financial stability: A comparison between the Fed and the ECB. Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB (April 6, 2020).
- Seyed Noorani, S. M. R., Amiri, H., & Mohammadiyan, A. (2012). The Causal relationship between bank capital and profitability. Economic Growth and Development Research, 2(6), 44-11 (In Persian).
- Seyednoorani, S M, Tari, F, Hassanzadeh, A, and Aghajani, K (2018). Factors affecting facility deviation. Majlis and Strategy, 26(98), 41-70 (In Persian).
- Shakeri A, Afhami M. (2013). Estimation of Tobin’s Q Investment Function with Financial Frictions. The Quarterly Journal of Economic Research, 13 (2), 17-36 (In Persian).
- Sohaili, K., Fattahi, S., & Sorkhvandi, M. (2017). Examining the functions of central bank’s reaction using Taylor’s rule. Monetary & Financial Economics, 24(13), 155-180 (In Persian).
- Svensson, L. E. (2012). The relation between monetary policy and financial policy. International Journal of Central Banking, (supplement 1), 293–295.
- Svensson, L. E. (2015). What can monetary policy achieve, and what is the relation between monetary policy and financial stability? In The Challenge of Economic Rebalancing in Europe (pp. 177–184). Edward Elgar Publishing.
- Svensson, L. E. (2017). Cost-benefit analysis of leaning against the wind. Journal of Monetary Economics, 90, 193–213.
- Svensson, L.E. (2018a). Monetary policy and macroprudential policy: Different and separate? Canadian Journal of Economics/Revue Canadienne d’économique, 51(3), 802–827.
- Svensson, L.E. (2018b). The future of monetary policy and macroprudential policy. The Future of Central Banking. The Future of Central Banking: Festschrift in Honour of Vítor Constâncio, European Central Bank, 69–123.
- Svensson, M. L. E. (2016). Cost-benefit analysis of leaning against the wind: Are costs larger also with less effective macroprudential policy? International Monetary Fund.
- Taghinezhadomran V, Bahman M. (2012) Extended Taylor rule: empirical evidence from Iran 1979-2008. Journal of Economic Modeling, 3(9), 1-19 (In Persian).
- Taghinezhadomran, V., Elmi, Z.M., & Husseinpor, F.Z. (2021). The impact of business cycle on bank leverage determinants. Iranian Journal of Economic Research, 26(88), 129-156 (In Persian).
- Taherpoor, J., Mmohammadi, T., & Ffardi, R. (2018). The role of distribution of loans and credits by banks on economic growth in Iran. Economics Research, 18(69), 133-162 (In Persian).
- Tahvili, A., sahabi, B., Yavari, K., & Mehregan, N. (2019). Business cycle and financial accelerator in Iran economy. Quarterly Journal of Quantitative Economics, 16(1), 1-23 (In Persian).
- Tavakolian H, Hemati, M (2018). Evaluation and comparison of different firm pricing patterns in the Iranian economy (DSGE approach). Monetary and banking researches, (38)11, 655-698 (In Persian).
- Tavakolian H, Komijani A. (2012). Monetary policy under fiscal dominance and implicit inflation target in Iran: A DSGE approach. Journal of Economic Modeling, 3 (8), 87-117 (In Persian).
- Tavakolian, H. (2012). A new Keynesian Phillips curve in a DSGE model for Iran. Journal of Economic Research (Tahghighat- E- Eghtesadi), 47(3), 1-22 (In Persian).
- Tavakolian, H., & Jalali Naeeni, A. (2017). Optimal and discretionary monetary and exchange policies in Iran: A DSGE approach. Iranian Journal of Economic Research, 22(70), 33-98 (In Persian).
- Tavakolian, H., & Jalali Naeeni, A. (2017). Optimal and Discretionary Monetary and Exchange Policies in Iran: A DSGE Approach. Iranian Journal of Economic Research, 22(70), 33-98 (In Persian).
- Torki L, & Sanizadeh V. (2023). Designing a stochastic dynamic general equilibrium model of open economy to investigate the impact of monetary policy on macroeconomic variables in Iran. Quarterly Journal of Economic Research; 23 (1), 29-53 (In Persian).
- Vaez-Barzani, M. & Ebrahimi, S. (2014). Theoretical analysis of the impact of credit creation on financial crises. Journal of Marefat-e Eghtesad-e Eslami, 5(2), 27-50 (In Persian).
- Vaziri, S. A., Yazdani, A., & Sadeghi, M. (2023). Investigation the effect of mandatory facilities on inflation in the Iranian economy by using the VAR model. Monetary & Financial Economics, 30(25), 164-200 (In Persian).
- Weale, M., & Wieladek, T. (2022). Financial effects of QE and conventional monetary policy compared. Journal of International Money and Finance, 127, 102673.
- Wray, L. R. (2020b). Sovereign currency and non‐sovereign budgets: the modern money theory approach. Public Budgeting & Finance, 40(3), 26-48.
- Wray, R. (2020a). A Great Leap Forward: Heterodox economic policy for the 21st century. Academic Press.
- Yazdanpanah H, Eslamloueyan K, Hadian E, & Shahnazi, R (2019). The effect of countercyclical capital rules on banking stability and macroeconomic dynamics in Iran. Iranian Applied Economic Studies Quarterly, 9(36), 1-33 (In Persian).
- Zorriyeh Mohammadali F, Nahidi Amirkhiz M, Paytakhti Oskooe A, Rranjpour R. (2021). The response of monetary and fiscal policies to the output gap in Iran with the Taylor rule approach: The quantile method. The Quarterly Journal of Economic Research, 21(4), 87-122 (In Persian).