News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model

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KESHAVARZ HADI; PARSA HOJAT

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Paper Information

Journal: Journal of Economic Research and Policies Year:2018 | Volume:26 | Issue:86 Page(s): 141-168

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Information Journal Paper

Title

News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model

Author(s)

KESHAVARZ HADI | PARSA HOJAT | Issue Writer Certificate

Keywords

Housing SectorQ2

News shocksQ1

Monetary policyQ2

Dynamic stochastic general equilibrium modelQ1

Abstract

The Housing Sector is one of the most important sectors in the economy. Every change in this sector could affect macroeconomic indices such as economic growth and employees` production factors. First, in internal studies, the effect of Monetary policy on the price of housing has been ambiguous and contradictory. Second, people's expectations as one of the factors influencing this sector are not considered. Hence, the aim of this study is to investigate the effect of news shock as well as Monetary policy shock on fluctuations of the Housing Sector. To do so, a Dynamic stochastic general equilibrium model with a house sector variable, patient household and impatient household was employed. Results show that news shock can lead to fluctuations in housing prices, but the effectiveness of correct and incorrect News shocks is different. The effect of incorrect shock in Housing Sector is persistent. Besides that, the impact of Monetary policy shock on housing real price is negative.

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APA: Copy

KESHAVARZ, HADI, & PARSA, HOJAT. (2018). News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 26(86 ), 141-168. SID. https://sid.ir/paper/359747/en

Vancouver: Copy

KESHAVARZ HADI, PARSA HOJAT. News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2018;26(86 ):141-168. Available from: https://sid.ir/paper/359747/en

IEEE: Copy

HADI KESHAVARZ, and HOJAT PARSA, “News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 26, no. 86 , pp. 141–168, 2018, [Online]. Available: https://sid.ir/paper/359747/en

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