A monetary model of inflation was estimated on the oil-producing country of Iran for the period 1984:1–2016:4. It was found that expectations are formed rationally and that agents are forward-looking and adjust their behavior based on changes in government expenditure. Consequently, it was found that higher fiscal variables result in lower price levels over the long run. A higher oil price leads to a lower price in the country but to a higher money supply and interest rate over the long run. Furthermore, a higher domestic interest rate results in a higher price level, while the reverse is true for a higher foreign interest rate. Another cause of inflation in Iran is the foreign price level. It was found that over the short run a higher growth of the real government expenditure results in a lower inflation rate in the country but a positive change in the foreign interest rate brings in a higher inflation rate.

伊朗石油生产国在1984：1–2016：4期间估算了通货膨胀的货币模型。人们发现期望是合理形成的，代理商具有前瞻性，并根据政府支出的变化来调整其行为。因此，从长远来看，发现较高的财政变量会导致较低的价格水平。较高的石油价格会导致该国的油价下跌，但从长远来看会导致较高的货币供应量和利率。此外，较高的国内利率导致较高的价格水平，而对于较高的外国利率则相反。伊朗通货膨胀的另一个原因是外国价格水平。