The Share of Monetary Policy Transmission Channels in Tehran Stock Exchange Price Index

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Khajeh Saeed Zohreh; FARZINVASH ASADOLLAH; ELAHI NASER; ASGHARPUR HOSSEIN

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Paper Information

Journal: THE JOURNAL OF PLANNING AND BUDGETING Year:2019 | Volume:23 | Issue:4 Page(s): 87-112

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Information Journal Paper

Title

The Share of Monetary Policy Transmission Channels in Tehran Stock Exchange Price Index

Author(s)

Khajeh Saeed Zohreh | FARZINVASH ASADOLLAH | ELAHI NASER | ASGHARPUR HOSSEIN | Issue Writer Certificate

Keywords

Monetary PolicyQ2

Stock ExchangeQ2

Stock Price IndexQ2

Monetary Policy Transmission ChannelsQ1

Vector Autoregressive ModelQ1

Abstract

Economic knowledge about the channels of Monetary Policy affecting the Stock Price Index helps central banks to improve their assessment of economic conditions. Also, understanding the relative importance of transmission channels allows monetary authorities to foresee the outcomes of this mechanism, thus they can direct the Monetary Policy through the desired channel. In order to achieve this aim, a Vector Autoregressive Model and seasonal data from 1997 to 2017 have been utilized. The results reveal that the Monetary Policy can influence Tehran Stock Exchange price index, but it can not be taken as a determinant variable. The findings confirm that as a result of monetary base shocks, on average, exchange rate channel and asset price channel have the largest share in transferring monetary effects respectively, and credit channel has the least share in the Stock Price Index.

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APA: Copy

Khajeh Saeed, Zohreh, FARZINVASH, ASADOLLAH, ELAHI, NASER, & ASGHARPUR, HOSSEIN. (2019). The Share of Monetary Policy Transmission Channels in Tehran Stock Exchange Price Index. THE JOURNAL OF PLANNING AND BUDGETING, 23(4 ), 87-112. SID. https://sid.ir/paper/385765/en

Vancouver: Copy

Khajeh Saeed Zohreh, FARZINVASH ASADOLLAH, ELAHI NASER, ASGHARPUR HOSSEIN. The Share of Monetary Policy Transmission Channels in Tehran Stock Exchange Price Index. THE JOURNAL OF PLANNING AND BUDGETING[Internet]. 2019;23(4 ):87-112. Available from: https://sid.ir/paper/385765/en

IEEE: Copy

Zohreh Khajeh Saeed, ASADOLLAH FARZINVASH, NASER ELAHI, and HOSSEIN ASGHARPUR, “The Share of Monetary Policy Transmission Channels in Tehran Stock Exchange Price Index,” THE JOURNAL OF PLANNING AND BUDGETING, vol. 23, no. 4 , pp. 87–112, 2019, [Online]. Available: https://sid.ir/paper/385765/en

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