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Information Journal Paper

Title

Asymmetric Effects of Monetary Policy on Iran Housing Market: A Nonlinear MS-VAR Approach

Pages

  75-102

Abstract

 Recent studies in housing market especially in the aftermath of 2007 financial crisis show that Monetary Policy has a main role in housing market and its impact can be asymmetric. In other words, the effect of Monetary Policy depends on the state of housing market and during bull and bear periods, the market can be differently affected by the Monetary Policy. As a result, the main objective of this paper is to investigate the asymmetric effects of Monetary Policy on Iran housing market using quarterly data during 1994-2017. To this end, we use the Markov Switching VAR model in which parameters change according to the phase of the housing cycle. The results suggest that Monetary Policy has asymmetric effects on housing market. Also, regime dependent Impulse Response Functions show that impact of Monetary Policy (with same sign and size) on housing market is larger in bear regime than in bull regime.

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    APA: Copy

    Saghi, Farzad, HOZHABR KIANI, KAMBIZ, mirzapour babajan, akbar, & Akbari Moghaddam, Beytollah. (2018). Asymmetric Effects of Monetary Policy on Iran Housing Market: A Nonlinear MS-VAR Approach. JOURNAL OF APPLIED THEORIES OF ECONOMICS, 5(3 ), 75-102. SID. https://sid.ir/paper/392414/en

    Vancouver: Copy

    Saghi Farzad, HOZHABR KIANI KAMBIZ, mirzapour babajan akbar, Akbari Moghaddam Beytollah. Asymmetric Effects of Monetary Policy on Iran Housing Market: A Nonlinear MS-VAR Approach. JOURNAL OF APPLIED THEORIES OF ECONOMICS[Internet]. 2018;5(3 ):75-102. Available from: https://sid.ir/paper/392414/en

    IEEE: Copy

    Farzad Saghi, KAMBIZ HOZHABR KIANI, akbar mirzapour babajan, and Beytollah Akbari Moghaddam, “Asymmetric Effects of Monetary Policy on Iran Housing Market: A Nonlinear MS-VAR Approach,” JOURNAL OF APPLIED THEORIES OF ECONOMICS, vol. 5, no. 3 , pp. 75–102, 2018, [Online]. Available: https://sid.ir/paper/392414/en

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