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This paper following a monetary growth rate rule aims to compare the   properties of different monetary policy rules in Iran. In that regards, the   paper draws on the New Keynesian Dynamic Stochastic General Equilibrium   (DSGE) models. Within this framework, we rank the different policy rules   based on the Impulse response Functions, the volatility of key macroeconomic   variables and the welfare loss function. The paper concludes that the effects   of alternative monetary rules depend on what shocks affect the economy, the   exchange rate regime, and the choice of inflation index. When the economy   experiences productivity shocks, domestic iflation targeting is   welfare-superior to other monetary rules. However, in the case of other   shocks except productivity shock a managed exchange rate is the best policy   rule. Finally, the results of welfare loss of alternative monetary policy   rules allowed noticing the nature of the shocks affecting the economy dictate   the implication and choice of the best monetary policy rule

Evaluating the welfare aspects of the simple monetary ruls for Iran