A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran

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Ahmady Seyed Vahid; ABBASSI EBRAHIM; MOHSENI REZA

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Journal: Journal of Economic Research and Policies Year:2020 | Volume:28 | Issue:95 Page(s): 271-305

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Information Journal Paper

Title

A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran

Author(s)

Ahmady Seyed Vahid | ABBASSI EBRAHIM | MOHSENI REZA | Issue Writer Certificate

Keywords

Iran

Housing Price Affordability

monetary policy

Asset Markets

structural vector autoregressive (SVAR) method

Abstract

The purpose of this paper is to study the behavior of the Housing Price Affordability index in the urban areas of Iran during the 1992-2017 period, and to explain the effect of monetary policy shocks and Asset Marketschr('39') performance on this index during the referred period. The Granger Cointegration Test was used to study the behavior of the mentioned index and the SVAR Model was applied to explain the effect of the said shocks on the Housing Price Affordability index. According to the findings of this study, the fluctuations of the Housing Price Affordability index in urban areas are far beyond a short-term imbalance in a way that with the further widening of the gap between household income and urban housing prices, the convergence of these two variables could not be confirmed. Based on the SVAR model results, the greatest impact on Housing Price Affordability is resulted from the shocks caused by housing prices. In addition, the impact of liquidity shocks and real interest rates on the affordability of housing prices is greater than the shocks resulted from market behavior of the competitorschr('39') assets.

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APA: Copy

Ahmady, Seyed Vahid, ABBASSI, EBRAHIM, & MOHSENI, REZA. (2020). A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 28(95 ), 271-305. SID. https://sid.ir/paper/958361/en

Vancouver: Copy

Ahmady Seyed Vahid, ABBASSI EBRAHIM, MOHSENI REZA. A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2020;28(95 ):271-305. Available from: https://sid.ir/paper/958361/en

IEEE: Copy

Seyed Vahid Ahmady, EBRAHIM ABBASSI, and REZA MOHSENI, “A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 28, no. 95 , pp. 271–305, 2020, [Online]. Available: https://sid.ir/paper/958361/en

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