درخت حوزه‌های تخصصی

The current study investigates the effect of implementing six development plans on multidimensional inequality in Iran. To this end, the multidimensional Gini Index of inequality by Assis Kumar Banerjee (2010) for dimensions such as welfare, education, housing, health, and social welfare (aggregation of other dimensions in household expenditure-income basket) calculated for years 1984-2021 and their performance was evaluated. The results of this study showed that the implementation of the development plans led to an inequality increase. Among these six plans, implementing the first plan had an incremental effect on the inequality value. The third and fifth socio-economic plans have a decremental impact on inequality at a significant level of 5%. Also, there was no difference between implementing and not implementing other plans on the inequality value. Also, the results indicated that given the comprehensiveness and multidimensionality of the development plans, inequality did not experience a constant trend and had mild fluctuations in the urban and rural areas and the whole country. Moreover, at the end of the sixth development plan, the inequality value (0.825) reached a value higher than the beginning of the first plan (0.771) in 1989.

This study intended to review of the evolution of the theories and policies related to international trade, ranging from classic and neo-classic theories to recent trade theories that have been already applied by several developed countries for international trade. To that end, at first neo-classic trade theories, ranging from reciprocal demand theory to resource endowment one, along with their experimental applications as well as logical critics against them are offered. then, complementary discussions on Linder’s overlapping demand and the role of geography and transportation in trade, vertical intra-industry trade, horizontal intra-industry trade are followed. It finally ends by emphasis on the theories of Ozawa’s flying geese model and strategic trade. Research findings show that economic theories initially focused on inter-industry trade and then expanded with an emphasis on intra-industrial theories. Among these, the role of geography, trade within the vertical and horizontal industry is important. According to the research results, theories of international trade initially emerged with the presentation of classical theories and then matured with neoclassical theories. But the evolution of theories entered a new phase after the introduction of the role of geography and economies of scale with Paul Krugman's article on “trade and geography” in the form of new trade theories (NTT). Also, the progress of international trade theories occurred with the introduction of theories into trade cycles and strategic trade issues.

Purpose: The purpose of this research was to present a customer experience management model in five-star hotels. Method: In this research, the researcher has used a database approach , and in the first study, he used the database approach based on the Ostrous approach to identify the components of the research. The tool used for collecting the required data in the first study, the protocol and in-depth interviews with five-star hotel managers and its customers in the country has been purposefully chosen and analyzed. Findings: the researcher conducted fifteen interviews in theoretical literature, and also has done axial and selective coding and then presented the results in the form of six main dimensions. Conclusion: The researcher has presented his research in the form of a model including six main dimensions, verbal advertising, service quality, new norms, customer service, event marketing, customer experience and thirty three sub-dimensions. Research findings show that improving the customer experience is the main objective for many people who work in hotels and hospitality industries.

EXTENDED ABSTRACT INTRODUCTION Investigating the link between monetary policy and stock returns has been very important for monetary policymakers and financial market investors to employ appropriate monetary policy and make the right investment decisions. Moreover, it has been of great interest to economists whether monetary policy has the same sort of effects in bull and bear stock market cycles. If a monetary policy has asymmetric impacts, policy makers should consider stock market cycles while implementing it. The objective of the present study is to investigate the reaction of stock returns to monetary policy and asymmetries over bull and bear cycles in Iran. Moreover, the impact of monetary policy on the switching probabilities between bull and bear regimes is also examined. The theoretical framework for explaining the asymmetries over stock market cycles can be described by the models with financial restrictions. According to these models, financial restrictions are more in bear cycles because of lower net worth in these periods. The lower the net worth, the greater the external finance premium should be. Higher external finance premium create a financial propagation mechanism which amplifies the interest rate effects of monetary policy (Garcia and Schaller, 2002; Chen, 2007). METHODOLOGY To examine asymmetries we employ Markov-switching (MS) models developed by Hamilton (1989). Unlike linear models this approach is nonlinear and can handle asymmetries. Besides, Hamilton algorithm endogenously determines bull and bear stock market cycles based on the data. In this study Hamilton (1989) MS model is modified to allow monetary policy to affect stock returns. Moreover, basic MS model is extended to a time-varying transition probability MS model (TVTP-MS) to allow the probability of switching between regimes depending on monetary policy. FINDINGS According to the findings MS models identify two regimes with different means and variances conventionally labelled as bull and bear. Average expected durations of bull and bear regimes show that both regimes are highly persistent. They persists on average around 10 to 12 quarters. The results of MS models show that monetary policy significantly affect stock returns only in bear cycles. When a monetary policy is measured by real M2, it has a positive impact on stock returns. However, when it is measured by real interest rate it negatively affects stock returns. In other words, an increase in real M2 raises stock returns while increasing real interest rate reduces returns.To measure the impact of monetary policy on the dynamics of switching between regimes we estimate a TVTP-MS model. The results indicate that an expansionary monetary policy raises the probability of remaining in a bull regime. Furthermore, an expansionary monetary policy reduces the probability of switching from a bull regime to a bear one. In addition, an expansionary monetary policy decreases the probability of being trapped in a bear market while it can increase the probability of switching from a bear market to a bull one. CONCLUSION The results of a modified MS model indicate that monetary policy significantly affect stock returns only in bear cycles. More specifically, increase in real M2 raises stock returns while increasing real interest rate reduce returns for both nominal and real returns in bear regimes. These findings are in line with the prediction of the models with financial restrictions. Finally, Empirical results from estimating TVTP-MS models suggest that an expansionary monetary policy raises the probability of remaining in a bull regime while reduces the probability of being trapped in a bear regime.As a policy implication, monetary policy makers should consider stock market cycles in implementing monetary policies. Especially in bear market periods implementing an expansionary monetary policy may lessen the probability of remaining in bear markets and will raise the probability of switching from a bear regime to a bull one. Moreover, stock market investors should consider that the impact of monetary policy on stock returns may depend on the phase of stock market.