THE EFFECT OF OIL SHOCKS AND MONETARY SHOCKS ON PRODUCTION AND INFLATION IN THE HOUSING SECTOR OF THE IRANIAN ECONOMY: NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH

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ABOLHASANI ASGHAR; EBRAHIMI ILNAZ; POURKAZEMI MOHAMMAD HOSSEIN; BAHRAMI NIA EBRAHIM

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Paper Information

Journal: JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH Year:2017 | Volume:7 | Issue:25 Page(s): 113-132

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Title

THE EFFECT OF OIL SHOCKS AND MONETARY SHOCKS ON PRODUCTION AND INFLATION IN THE HOUSING SECTOR OF THE IRANIAN ECONOMY: NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH

Author(s)

ABOLHASANI ASGHAR | EBRAHIMI ILNAZ | POURKAZEMI MOHAMMAD HOSSEIN | BAHRAMI NIA EBRAHIM | Issue Writer Certificate

Keywords

DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM MODELQ1

PRODUCTION AND INFLATIONQ1

HOUSING AND NONHOUSING SECTORQ1

Abstract

Prices as the most fundamental variable in the housing sector have the task of optimizing the allocation of economic resources. Statistics show that during the period under the study (1991-2011), housing sector in Iran has experienced four jumps in prices. In this paper, we build a Dynamic Stochastic General Equilibrium (DSGE) model to study the fluctuations in prices and output of housing sector and identify the effects of monetary and oil price shocks on this fluctuations.The impulse response functions show that higher money growth rate temporary increases output and inflation in the both HOUSING AND NONHOUSING SECTORs. In addition, due to the higher elasticity of supply in the nonhousing sector, the effects of monetary shock on production in this sector are more than the housing sector. Higher oil revenues through increased liquidity and then increasing demand of private sector causes higher inflation in the economy. The results show that a shock in oil revenue temporary increases PRODUCTION AND INFLATION in the HOUSING AND NONHOUSING SECTOR simultanously. The difference is that the inflationary effect of this shock is higher than its effect on the production.Altogether, the comparison of the moments of the model and its impulse response functions with that of real world shows that our model can well illustrate the cyclical fluctuations of most important variables in the HOUSING AND NONHOUSING SECTORs.

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APA: Copy

ABOLHASANI, ASGHAR, EBRAHIMI, ILNAZ, POURKAZEMI, MOHAMMAD HOSSEIN, & BAHRAMI NIA, EBRAHIM. (2017). THE EFFECT OF OIL SHOCKS AND MONETARY SHOCKS ON PRODUCTION AND INFLATION IN THE HOUSING SECTOR OF THE IRANIAN ECONOMY: NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 7(25 ), 113-132. SID. https://sid.ir/paper/192116/en

Vancouver: Copy

ABOLHASANI ASGHAR, EBRAHIMI ILNAZ, POURKAZEMI MOHAMMAD HOSSEIN, BAHRAMI NIA EBRAHIM. THE EFFECT OF OIL SHOCKS AND MONETARY SHOCKS ON PRODUCTION AND INFLATION IN THE HOUSING SECTOR OF THE IRANIAN ECONOMY: NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2017;7(25 ):113-132. Available from: https://sid.ir/paper/192116/en

IEEE: Copy

ASGHAR ABOLHASANI, ILNAZ EBRAHIMI, MOHAMMAD HOSSEIN POURKAZEMI, and EBRAHIM BAHRAMI NIA, “THE EFFECT OF OIL SHOCKS AND MONETARY SHOCKS ON PRODUCTION AND INFLATION IN THE HOUSING SECTOR OF THE IRANIAN ECONOMY: NEW KEYNESIAN DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH,” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 7, no. 25 , pp. 113–132, 2017, [Online]. Available: https://sid.ir/paper/192116/en

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