Islamic Economics

Islamic Economics

The Impact of Monetary and Productivity Shocks on Iran's Investment and Economic Growth with Emphasis on Zakat (New Keynesian DSGE Model Approach)

Document Type : Original Article

Authors
Mohammad Reza Mohammadi 1
Beitollah Akbarimoghadam 2
Arash Hadizadeh 3
Roozbeh Baloonejad Noury 3
1 Ph.D. Student in Islamic Economics, Department of Economics, Qazvin Branch, Islamic Azad University, Qazvin, Iran
2 Associate Professor, Department of Economics, Islamic Azad University, Qazvin Branch, Iran
3 Assistant Professor, Department of Economics, Qazvin Branch, Islamic Azad University, Qazvin, Iran
Abstract
Economic Growth is one of the Important Goals of Macroeconomics in any Society and Therefore Identifying the Factors Affecting Economic Growth is of Particular Importance. In addition to the Factors Affecting Economic Growth that are Addressed in the Conventional Economy, the Islamic Economic System has also Introduced and Presented Mechanisms that Play an Important Role in the Economic Growth of Islamic Societies. One of these Mechanisms is Zakat. Zakat is the Cornerstone of the Islamic Economic System and has many Economic and Social Effects and can play an Important Role in the Economic Growth of Islamic Societies. The Main Purpose of this Study was to investigate the Role of Zakat in The Effect of Monetary and Productivity Shocks on Investment and Economic Growth in Iran Using Seasonal Time Series Data of Macroeconomic Variables during the Period 1379 to 1396. For this Purpose, a New Keynesian Stochastic Dynamic General Equilibrium (DSGE) Model in a Closed Economy for the Iranian Economy, as an Islamic Country with an Emphasis on Zakat Payment, is explained and then Compared with the Effects of Productivity and Monetary Shocks on Investment and Production is discussed in two Systems of Conventional Economics and Islamic Economics. The Results show that when External Shocks Occur in the Islamic Economy (with zakat), Investment and Production do not Decrease and Zakat has no Negative Effect on Economic Growth.
 
Keywords
Zakat
Investment
Economic Growth
Stochastic Dynamic General Equilibrium Model
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