01749cas a2200241 a 4500 AALejournalIMF000938 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451850420 1018-5941 BD-DhAAL BD-DhAAL Becker, Torbjorn. Common Trends and Structural Change : A Dynamic Macro Model for the Pre- and Postrevolution Islamic Republic of Iran / Torbjorn Becker. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper uses a common trends model to study how prices, the black market exchange rate, money, and real output have developed over a period covering both pre- and post-revolution Iranian data. It is shown that monetary shocks have significant short-run effects on output, but permanent effects on the price level and exchange rate, that is, expansionary monetary policy is not consistent with achieving low inflation or a stable unified exchange rate. The real shocks generate higher growth and lower inflation, suggesting that supply-side policies are consistent with the goals in the Islamic Republic of Iran's second five-year development plan. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1999/082 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/082/001.1999.issue-082-en.xml IMF e-Library