THE ROLE OF ASSET PRICE CHANNEL IN MONETARY TRANSMISSION MECHANISM IN IRAN: THE CASE OF HOUSING PRICE INDEX

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SHARIFI RENANI HOSSEIN; GHOBADI SARA; AMROLLAHI FARZANE; HONARVAR NAGHMEH

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Journal: JOURNAL OF ECONOMIC MODELING RESEARCH Year:2011 | Volume:1 | Issue:3 Page(s): 29-43

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Title

THE ROLE OF ASSET PRICE CHANNEL IN MONETARY TRANSMISSION MECHANISM IN IRAN: THE CASE OF HOUSING PRICE INDEX

Author(s)

SHARIFI RENANI HOSSEIN | GHOBADI SARA | AMROLLAHI FARZANE | HONARVAR NAGHMEH | Issue Writer Certificate

Keywords

ASSET PRICE CHANNELQ2

HOUSE PRICE INDEXQ3

VECTOR ERROR CORRECTION MODEL (VECM)Q2

DEBT OF BANKS TO THE CENTRAL BANKQ2

REQUIRED RESERVE RATIOQ2

Abstract

The aim of this paper is to consider the effects of monetary policy on production and prices through ASSET PRICE CHANNEL (the housing price index) in Iran during 1368Q1 to 1387Q4. By Vector Error Correction (VEC) Model, the effect of monetary policy has been considered through this channel. In general, the results show that the DEBT OF BANKS TO THE CENTRAL BANK as instruments of monetary policy through the housing price index, at least in the short run could increase the production level and decreases prices. Thus central bank with given facilities to banks can directly and through the housing price index strengthen production level and control prices in the short run. Also we found that shock of the REQUIRED RESERVE RATIO in general, directly affects production levels and don’t have any effect on production level and prices through the housing price index. Therefore, in using of these tool as instruments of monetary policy, the housing price index channel in monetary transmission policy, has a little effect and only on the production.

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APA: Copy

SHARIFI RENANI, HOSSEIN, GHOBADI, SARA, AMROLLAHI, FARZANE, & HONARVAR, NAGHMEH. (2011). THE ROLE OF ASSET PRICE CHANNEL IN MONETARY TRANSMISSION MECHANISM IN IRAN: THE CASE OF HOUSING PRICE INDEX. JOURNAL OF ECONOMIC MODELING RESEARCH, 1(3), 29-43. SID. https://sid.ir/paper/208902/en

Vancouver: Copy

SHARIFI RENANI HOSSEIN, GHOBADI SARA, AMROLLAHI FARZANE, HONARVAR NAGHMEH. THE ROLE OF ASSET PRICE CHANNEL IN MONETARY TRANSMISSION MECHANISM IN IRAN: THE CASE OF HOUSING PRICE INDEX. JOURNAL OF ECONOMIC MODELING RESEARCH[Internet]. 2011;1(3):29-43. Available from: https://sid.ir/paper/208902/en

IEEE: Copy

HOSSEIN SHARIFI RENANI, SARA GHOBADI, FARZANE AMROLLAHI, and NAGHMEH HONARVAR, “THE ROLE OF ASSET PRICE CHANNEL IN MONETARY TRANSMISSION MECHANISM IN IRAN: THE CASE OF HOUSING PRICE INDEX,” JOURNAL OF ECONOMIC MODELING RESEARCH, vol. 1, no. 3, pp. 29–43, 2011, [Online]. Available: https://sid.ir/paper/208902/en

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