نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار گروه اقتصاد اسلامی، دانشکده علوم اقتصادی و اداری، دانشگاه قم
2 دانشیار، اقتصاد، دانشگاه مفید، قم، قم، ایران.
3 استادیار، موسسه مطالعات و پژوهش‌های بازرگانی، تهران، ایران.
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
This study examines the macroeconomic effects of financing government expenditure shocks through money creation versus bond issuance, using data from 1989–2023. A dynamic stochastic general equilibrium (DSGE) model was employed to analyze the shocks. The results indicate that inflationary effects dissipate more rapidly when deficits are financed by bond issuance compared to money printing. Both financing methods, however, reduce household consumption (due to inflationary pressure and lower purchasing power) and yield limited positive output effects. The findings suggest that policymakers should prioritize supply-side policies—such as enhancing productivity and income—over monetary or bond financing. Such an approach could improve tax revenues through economic growth while minimizing adverse macroeconomic impacts.
The findings suggest that policymakers should prioritize supply-side policies—such as enhancing productivity and income—over monetary or bond financing. Such an approach could improve tax revenues through economic growth while minimizing adverse macroeconomic impacts.
The findings suggest that policymakers should prioritize supply-side policies—such as enhancing productivity and income—over monetary or bond financing. Such an approach could improve tax revenues through economic growth while minimizing adverse macroeconomic impacts.
کلیدواژه‌ها [English]
)