عنوان مقاله [English]
In the past decades, economists have been discussing the impact or lack of influence of monetary policies that how monetary policy channels can been effective. In this regard, the exchange rate is one of the key economic variables that can be very decisive in transmission of monetary policies. Therefore, in this study, we try to evaluate the transmission mechanism of monetary policy through the exchange rate channel. On the other hand, it should be nonlinear because structural changes there will be the possibility of non-linear transfer of monetary policy. Therefore, the MSVAR method, which has many capabilities for incorporating structural changes in different regimes. Therefor in this study were used MS-VAR method and GDP, consumer price index, Exchange rate data during the 1991Q1 to 2016Q4 periods. The results of the research indicate that in the years after 2008 (the zero regime), the share of the exchange rate channel was in transferring monetary policy to production less than before 2008 (regime 1). On the other hand, in the zero regime compared to regime one, the effects of monetary policy have been more influential on prices.