MONETARY AND FINANCIAL POLICY IMPACT ON RESIDENTIAL INVESTMENT IN OPEN ECONOMY

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GHOLIZADEH ALI AKBAR; BARATI JAVAD

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Journal: Journal of Economic Research and Policies Year:2011 | Volume:19 | Issue:58 Page(s): 31-50

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Title

MONETARY AND FINANCIAL POLICY IMPACT ON RESIDENTIAL INVESTMENT IN OPEN ECONOMY

Author(s)

GHOLIZADEH ALI AKBAR | BARATI JAVAD | Issue Writer Certificate

Keywords

RESIDENTIAL INVESTMENTQ2

OPEN ECONOMY MACROECONOMICSQ2

MONETARY AND FISCAL POLICYQ1

Abstract

By considering the increasing importance of international trade and economies interdependence to each other, and also because of the importance of housing in the national economy, this study according to studies antipa and schalck (2009) and vargas-silva (2008) examines the effects of macroeconomic variables, including fiscal and monetary policy variables, on RESIDENTIAL INVESTMENT in open economy and closed economy. For investigating these effects are used vector error correction model (VECM) and the time period (1370–1386). Generalized impulse response functions (GIRFs) show that consumption and liquidity, than the government investment expenditures on construction sector, have greater effect on RESIDENTIAL INVESTMENT. Government investment expenditures on construction sector as a fiscal policy variable, low impact but positive has on RESIDENTIAL INVESTMENT. The results illustrate that the role of monetary policy in open economy on RESIDENTIAL INVESTMENT is more significant than closed economy, while government investment effect on RESIDENTIAL INVESTMENT has declined. These results emphasize on the importance of monetary policy on RESIDENTIAL INVESTMENT, versus fiscal policy. Forecast error variance decompositions confirm also results of generalized impulse response functions.

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APA: Copy

GHOLIZADEH, ALI AKBAR, & BARATI, JAVAD. (2011). MONETARY AND FINANCIAL POLICY IMPACT ON RESIDENTIAL INVESTMENT IN OPEN ECONOMY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 19(58), 31-50. SID. https://sid.ir/paper/89611/en

Vancouver: Copy

GHOLIZADEH ALI AKBAR, BARATI JAVAD. MONETARY AND FINANCIAL POLICY IMPACT ON RESIDENTIAL INVESTMENT IN OPEN ECONOMY. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2011;19(58):31-50. Available from: https://sid.ir/paper/89611/en

IEEE: Copy

ALI AKBAR GHOLIZADEH, and JAVAD BARATI, “MONETARY AND FINANCIAL POLICY IMPACT ON RESIDENTIAL INVESTMENT IN OPEN ECONOMY,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 19, no. 58, pp. 31–50, 2011, [Online]. Available: https://sid.ir/paper/89611/en

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