Gold Price Dynamics and Women's Employment with Emphasis on Monetary Policy Shocks in Iran

Main Article Content

Arash Ketabforoush Badri


Women's participation is essential to achieving political and economic development. Because the position of women in society is deeply affected by the conditions and levels of development in countries, the more developed countries are, the narrower the gap between the development of women and men. Therefore, improving the situation of women is one of the main requirements in improving development indicators in any society. In other words, development will not be possible for any country, regardless of the situation of women. Women, as half of the population, are one of the most important factors influencing development, and their employment can affect the price of commodities. One of the most important commodities that can play a key role in the economy is gold. Global gold prices, liquidity, inflation expectations, exchange rates, employment and stock index fluctuations are among the factors that affect the price of gold in Iran. For this purpose, the present study tries to pay attention to the relationship between monetary policy shocks and women's employment on the price of gold in the period of 2008 to 2017 seasonally using the Bayesian Var method. The results of the studies show that the highest and lowest value of the impact on the price of gold with 48.46 and 0.33 percent, respectively, is related to the exchange rate and liquidity. After the exchange rate, the price of gold in the long run was able to predict 46.88% of the change in the price of gold. Women's employment also explains 4.31 percent of gold price changes.

Monetary policy, women employment, liquidity, gold, Bayesian Var, Iran.

Article Details

How to Cite
Badri, A. K. (2021). Gold Price Dynamics and Women’s Employment with Emphasis on Monetary Policy Shocks in Iran. Asian Journal of Economics, Finance and Management, 3(1), 1-9. Retrieved from
Original Research Article


Dizaji M, Ketabforoush Badri A. Investigating the factors affecting women's employment with emphasis on ICT use. Women and Family Studies. 2015;9(34): 73-94.

Asgharpour H, Fallahi F, Teleschi E. Investigating the asymmetric effects of monetary shocks on price in Iranian business cycles using Markov-switching technique. Quarterly Journal of Economics and Modeling. 1390;2(7):183-222.

Mashayekh S, Saadatabadi R, Watankhah S. Gold price fluctuations in Iranian and world markets. Journal of Accounting and Auditing Research. 2012;2(4):101-124.

Alam R, Gilbert S. Monetary policy shocks and the dynamics of agricultural commodity prices: Evidence from structural and factor-augmented VAR analyses. Agricultural Economics. 2017;48(2017): 15–27. DOI: 10.1111/agec.12291

Salmani Bishak M, Barghi Oskooi M, Lak S. The impact of monetary and fiscal policy shocks on the Iranian stock market, Economic Modeling Research. 2015;2(4): 1331-93.

Taghavi M, Lotfi A. Investigating the effects of monetary policy on the volume of deposits, lending facilities and liquidity of the country's banking system (during the years 1374-1382), Journal of Economic Research. 2016;6(20):131-165.

Augustine Kutu A, Ngalawa H. Monetary policy shocks and industrial output in BRICS countries. SPOUDAI Journal of Economics and Business. 2016;66(3):3-24.

Mountford A, Uhlig H. What are the effects of fiscal policy shocks? Journal of Applied Econometrics. 2009;24(2):960-992.

Kim S. Do monetary shocks matter in theG-7 countries? Using common identifying assumptions about monetary policy across countries, J. Intl. Econ. 1999;48(2):387–405.

Nagel A, Parker J. Empirical macro-economics: The effects of monetary policy. Gold-Hammer Collaborative Research at the Department of Economics, Reed College; 2003. Available: [Accessed on 19 March 2015].

Khodaparast Shirazi J. Measuring the impact of monetary policy shock in Iran: A generalized factor self-explanation approach (FAVAR), Quantitative Economics. 2014;11(1):75-101.

Samadi S, Ebrahimi N, Aghili F. The effect of exchange rate fluctuations and stock index on gold coin prices, Monetary and Financial Economics. 2015;5(1):57-73.

Singhal S, Choudhary S, Chandra P. Return and volatility linkages among International crude oil price, gold price, exchange rate and stock markets: Evidence from Mexico, Resources Policy. 2019;60(5):255-261. Available:

Akbar M, Iqbal F, Noor F. Bayesian analysis of dynamic linkages among gold price, stock prices, exchange rate and interest rate in Pakistan. Resources Policy. 2019;62(4):154-164. Available:

Choi BY, Pyun JH. Does real exchange rate depreciation increase productivity? Analysis using Korean firm‐level data. The World Economy. 2018;41(2):604-633.

Amatov A, Dorfman JH. The effects on commodity prices of extraordinary monetary policy. Journal of Agricultural and Applied Economics. 2017;49(1):83–96.

Abeygunawardana K, Amarasekara C, Tilakaratne CD. macroeconomic effects of monetary policy shocks: Evidence from Sri Lanka, South Asia Economic Journal. 2017;18(1):21–38.

Hammoudeh S, Nguyen DK, Sousa RM. US monetary policy and sectoral commodity prices. J. Intl. Money Fin. 2015; 57(3):61–85.

Cabrales CA, Granados Castro JC, Ojeda Joya J. The effect of monetary policy on commodity prices: Disentangling the evidence for individual prices, Economics Research International. 2014;20(14):1-13. Available: