THE ROLE OF HOUSING PRICES IN THE TRANSMISSION MECHANISM OF MONETARY POLICY

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KOMIJANI AKBAR; HAERI MOJTABA

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Journal: ECONOMIC STRATEGY Year:2013 | Volume:2 | Issue:5 Page(s): 41-68

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Title

THE ROLE OF HOUSING PRICES IN THE TRANSMISSION MECHANISM OF MONETARY POLICY

Author(s)

KOMIJANI AKBAR | HAERI MOJTABA | Issue Writer Certificate

Keywords

MONETARY TRANSMISSION MECHANISMQ2

HOUSING PRICEQ2

VECTOR AUTOREGRESSIVE MODELQ2

Abstract

This paper provides a discussion of the housing market channels of the MONETARY TRANSMISSION MECHANISM. We use quarterly data from 1992-2008 (2) to estimate a VAR model. Applying a two-stage approach, we first identify the effects of monetary shocks on HOUSING PRICEs, and then we investigate the relative role of the policy-induced fluctuations in HOUSING PRICEs on private consumption. We find that the HOUSING PRICEs are significantly affected by the monetary policy shocks. Findings show that HOUSING PRICEs enhance the effects of monetary shocks on consumer spending through wealth effects and balance sheet effects of HOUSING PRICE, which dominate its saving effect.

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APA: Copy

KOMIJANI, AKBAR, & HAERI, MOJTABA. (2013). THE ROLE OF HOUSING PRICES IN THE TRANSMISSION MECHANISM OF MONETARY POLICY. ECONOMIC STRATEGY, 2(5), 41-68. SID. https://sid.ir/paper/233818/en

Vancouver: Copy

KOMIJANI AKBAR, HAERI MOJTABA. THE ROLE OF HOUSING PRICES IN THE TRANSMISSION MECHANISM OF MONETARY POLICY. ECONOMIC STRATEGY[Internet]. 2013;2(5):41-68. Available from: https://sid.ir/paper/233818/en

IEEE: Copy

AKBAR KOMIJANI, and MOJTABA HAERI, “THE ROLE OF HOUSING PRICES IN THE TRANSMISSION MECHANISM OF MONETARY POLICY,” ECONOMIC STRATEGY, vol. 2, no. 5, pp. 41–68, 2013, [Online]. Available: https://sid.ir/paper/233818/en

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