Maryam is a Postdoctoral Research Fellow in Economics at the School of Economics, University of Surrey. She joined the Centre for International Macroeconomic Studies (CIMS) in 2018 on the project of "Macroeconomic Modelling and Policy Analysis for Emerging Economies”. Currently, she is working on optimized simple monetary policy rules for open economies. Her research interests are in Macroeconomics, in particular the construction and estimation of DSGE models for the purpose of macroeconomic policy analysis. Maryam obtained her BSc in Statistics from Isfahan University of Technology, MSc in Economics from Azad University and a PhD in Economics (2019) from Yazd University, focusing on Money Growth Rules in Emerging Economies. Her personal website is https://sites.google.com/view/maryammirfatah/home.
Maryam's research interests are in Macroeconomics, Financial and Monetary economics, in particular the construction and estimation of DSGE models for the purpose of macroeconomic policy analysis.
We construct a small open economy (SOE) DSGE model interacting with the rest of the world (ROW). With this framework we then depart from the standard SOE model of Gali (2015) along the following dimensions: Firstly, we nest two diferent pricing paradigms: dominant currency pricing (in dollars) alongside producer currency pricing. Secondly, the production function uses not just labour but also capital and intermediate inputs produced domestically and abroad. The last feature is that international asset markets are incomplete with only riskless bonds being traded, as opposed to the assumption of complete markets. We make two main contributions to this literature: first, we explore the empirical evidence for PCP vs DCP pricing paradigms through a Bayesian estimation likelihood race and a validation comparison with the second moments of the data. Second, we examine the implications of these two paradigms for the conduct of monetary policy using Taylor-type interest rate rules and implemention of optimized simple rules through a mandate fromework in avoiding the problem of the nominal interest rate hitting the zero lower bound too frequently.