MONETARY POLICY AND HOUSING PRICE BUBBLES IN TEHRAN

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NAZARI MOHSEN; FARZANEGAN ELHAM

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Journal: Journal of Economic Research Year:2011 | Volume:45 | Issue:93 Page(s): 229-249

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Information Journal Paper

Title

MONETARY POLICY AND HOUSING PRICE BUBBLES IN TEHRAN

Author(s)

NAZARI MOHSEN | FARZANEGAN ELHAM | Issue Writer Certificate

Keywords

THE HOUSING BUBBLEQ2

MONETARY POLICYQ2

NEW-KEYNESIAN MODELQ3

FORWARD-LOOKING BEHAVIORQ3

Abstract

Housing market in Iran got out of recession in year 1384 and turn into abnormal growth. But following the housing price growth, which continued until 1386, it deals with the slowdown of the housing market and stable prices in the spring of 1387. Afterward, decreasing trend in housing prices continued in the summer, in spite of increase in global housing prices. In this paper, it is investigated that whether these prices increases rooted in fundamental economic factors or is caused by bubbles. In this study, MONETARY POLICY transmission mechanism is assumed in a linear model by rational expectations. Using GMM and a forward-looking NEW-KEYNESIAN MODEL for a closed economy, the real interest rate effect on housing real return has been discussed in period 1 / 1380 to 6 / 1387. The results indicate that during this period, real interest rates has negative effect and the lag of housing real return and GDP have positive effect on housing real return.

Cites

MODELING VOLATILITY HOUSING PRICE IN IRAN AND PREDICTED FLUCTUATIONS PRICE APPLICATION OF FAMILY PATTERNS ARCH

References

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APA: Copy

NAZARI, MOHSEN, & FARZANEGAN, ELHAM. (2011). MONETARY POLICY AND HOUSING PRICE BUBBLES IN TEHRAN. TAHGHIGHAT-E-EGHTESADI, 45(93), 229-249. SID. https://sid.ir/paper/11781/en

Vancouver: Copy

NAZARI MOHSEN, FARZANEGAN ELHAM. MONETARY POLICY AND HOUSING PRICE BUBBLES IN TEHRAN. TAHGHIGHAT-E-EGHTESADI[Internet]. 2011;45(93):229-249. Available from: https://sid.ir/paper/11781/en

IEEE: Copy

MOHSEN NAZARI, and ELHAM FARZANEGAN, “MONETARY POLICY AND HOUSING PRICE BUBBLES IN TEHRAN,” TAHGHIGHAT-E-EGHTESADI, vol. 45, no. 93, pp. 229–249, 2011, [Online]. Available: https://sid.ir/paper/11781/en

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