چكيده به لاتين
This study seeks to calculate welfare by considering different financial instruments in a dynamic stochastic general equilibrium model for the Iranian economy. For this purpose, after designing the model and linearizing the equations, the coefficients of the dynamic equilibrium model were calibrated and the government expenditures were considered as representative of fiscal policy. Immediate response functions of the economy to government spending shocks were calculated and evaluated under two different approaches. The results indicate that the financial tools available to the planner play an important role in determining the extent of welfare changes, and the extent to which government spending affects welfare depends on how it is financed. According to this model, welfare increases if the policymaker increases its spending by converting foreign exchange earnings from oil exports, but after some time the positive changes in welfare decrease, and when government spending is financed from By raising taxes as a hybrid rule and using government bonds, welfare is reduced, and subsequently, due to the increase in investment and dividend dividends distributed to firms, after several periods, welfare is reduced. Is increasing. Also, after analyzing the effect of government spending on welfare, the social welfare function coefficient was calculated in two different approaches, namely continuity of current policies or determination of optimal tax policies. The results showed that in the case of continued policies, the Lagrange coefficient would be 24.3 and 9.2, if optimal tax policies were implemented. In other words, the second approach, (providing government spending from optimal tax policies) can increase economic prosperity.
