摘要：The main objective of this study is to survey the effect of economic uncertainty on the effectiveness of outstanding bank’s credits in Iran. For this purpose, required quarterly data are collected for the period 1991 - 2017 from the Iran economy. Then, the economic uncertainty index has been estimated from the fluctuations of exchange rate, inflation rate, gold coin price, and total stock price index with ARCH and GARCH method. In the next step, a compound index extracted with the "Principal Components Analysis" method from these estimated indexes. Finally, with the use of the "SVAR" model, the effect of economic uncertainty on the effectiveness of monetary policies has been examined. The results of impulse response functions show that GDP growth has a negative relationship with the estimated uncertainty index and this means that the amount of GDP will reduce when uncertainty becomes higher. Generally, the results of this study implied that economic uncertainty has a negative and significant effect on the effectiveness of the monetary policy. Hence, one can conclude that, in a situation where economic uncertainty is high in the economy, the effectiveness of monetary policies is diminishing.
