THE ROLE OF ASSETS PRICES IN MONETARY TRANSMISSION MECHANISM OF IRAN

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FARZINVASH ASADOLLAH; M. ZONOUZI S. JAMALEDIN

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Journal: NAMEH-YE-MOFID Year:2009 | Volume:15 | Issue:1 (72 ECONOMICS) Page(s): 3-32

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Title

THE ROLE OF ASSETS PRICES IN MONETARY TRANSMISSION MECHANISM OF IRAN

Author(s)

FARZINVASH ASADOLLAH | M. ZONOUZI S. JAMALEDIN | Issue Writer Certificate

Keywords

MONETARY TRANSMISSIONQ3

ASSET PRICESQ3

STRUCTURAL VAR APPROACHQ3

STOCK PRICESQ2

HOUSING PRICESQ3

GOLD PRICESQ3

EXCHANGE RATEQ2

Abstract

The purpose of this paper is to analyze the importance of assets prices in MONETARY TRANSMISSION mechanism of Iran. This analysis is based on the Structural VAR class of models, which allow assessing the importance of assets prices by comparing the SVAR models (with ASSET PRICES and without ASSET PRICES). In fact the difference of these two SVAR models (7 & 10 Variables), shows the importance of assets prices in MONETARY TRANSMISSION mechanism of Iran. Assets prices include HOUSING PRICES, STOCK PRICES, EXCHANGE RATEs (1$=? Rials) and gold (coin) prices in period of 1989/Q2-2007/Q1.According the results, by adding assets prices (housing prices, STOCK PRICES, and GOLD PRICES) to the SVAR model, the effect of monetary policy shocks (liquidity shock) on output (GNP) fluctuations does not change significantly. Therefore, this work does not find any evidence on importance of the balance sheet channel (of credit view) in MONETARY TRANSMISSION mechanism of Iran.The results show that the expansionary monetary policy (real liquidity) shocks has a significant effect on STOCK PRICES, HOUSING PRICES and EXCHANGE RATEs. The GOLD PRICES are more affected by dollar prices fluctuations. HOUSING PRICES, GOLD PRICES, and EXCHANGE RATEs explain 20 percent of output fluctuations, but STOCK PRICES do not explain output fluctuations significantly. Therefore, EXCHANGE RATE, HOUSING PRICES, and GOLD PRICES have important role in transferring monetary shocks to output fluctuations respectively.

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APA: Copy

FARZINVASH, ASADOLLAH, & M. ZONOUZI, S. JAMALEDIN. (2009). THE ROLE OF ASSETS PRICES IN MONETARY TRANSMISSION MECHANISM OF IRAN. NAMEH-YE-MOFID, 15(1 (72 ECONOMICS)), 3-32. SID. https://sid.ir/paper/3598/en

Vancouver: Copy

FARZINVASH ASADOLLAH, M. ZONOUZI S. JAMALEDIN. THE ROLE OF ASSETS PRICES IN MONETARY TRANSMISSION MECHANISM OF IRAN. NAMEH-YE-MOFID[Internet]. 2009;15(1 (72 ECONOMICS)):3-32. Available from: https://sid.ir/paper/3598/en

IEEE: Copy

ASADOLLAH FARZINVASH, and S. JAMALEDIN M. ZONOUZI, “THE ROLE OF ASSETS PRICES IN MONETARY TRANSMISSION MECHANISM OF IRAN,” NAMEH-YE-MOFID, vol. 15, no. 1 (72 ECONOMICS), pp. 3–32, 2009, [Online]. Available: https://sid.ir/paper/3598/en

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