Effects of Oil Price Shocks on Agricultural Sector Using Dynamic Stochastic General Equilibrium Model | ||
| Journal of Agricultural Science and Technology | ||
| Article 1, Volume 19, Issue 6, 2017, Pages 1211-1226 PDF (1.34 M) | ||
| Authors | ||
| Z. Permeh1; M. Ghorbani* 2; H. Tavakolian* 3; N. Shahnoshi2 | ||
| 1Institute Trade Studies and Research, Ferdowsi University of Mashhad, Mashhad, Islamic Republic of Iran. | ||
| 2Department of Agriculture Economics, Faculty of Agriculture, Ferdowsi University of Mashhad, Mashhad, Islamic Republic of Iran. | ||
| 3Faculty of Economic, Allameh Tabataba'i University, Tehran, Islamic Republic of Iran. | ||
| Abstract | ||
| This study aimed to develop a multi-sector Dynamic Stochastic General Equilibrium (Large DSGE) model for Iran’s economy. In this model, economy was divided into three sectors: Agriculture, non-agriculture, and oil. Imports and exports were also included in the model. In order to adapt the model with Iran’s economic conditions, price stickiness in agriculture and non-agriculture were included. Then, the impact of rising oil prices on agricultural sector was examined. To calculate the required coefficients, 1971-2012 data was gathered and Bayesian method was used. The results showed the negative impacts of rising oil prices on agriculture as well as the negative effects of Dutch Disease. | ||
| Keywords | ||
| Agriculture; Bayesian; DSGE; Multi-sector; Oil Prices; Stickiness | ||
| References | ||
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