Identifying the effects of sanctions on the Iranian economy using newspaper coverage
基于1989-2019年数据，用报纸报道构建制裁强度指标，估计制裁使伊朗年均增长从4-5%降至3%，并导致货币贬值、通胀和产出下降。
Summary This paper focuses on the identification and quantitative estimation of sanctions on the Iranian economy over the period 1989–2019. It provides a new time series approach and proposes a novel measure of sanctions intensity based on daily newspaper coverage. In absence of sanctions, Iran's average annual growth could have been around 4–5%, as compared to the 3% realized. Estimates of the proposed sanctions‐augmented structural VAR show that sanctions significantly decrease oil export revenues and result in substantial depreciation of Iranian rial, followed by subsequent increases in inflation and falls in output growth. Keeping other shocks fixed, 2 years of sanctions can explain up to 60% of output growth forecast error variance, although a single quarter sanction shock proves to have quantitatively small effects.