Dr. Hosein Sharifi-Renani, Dr. Sara Ghobadi, Farzaneh Amrollahi, Naghmeh Honarvar,
Volume 2, Issue 3 (3-2011)
Abstract
The aim of this paper is to consider the effects of monetary policy on production and prices through asset price channel (the housing price index) in Iran during 1368Q1 to 1387Q4. By Vector Error Correction (VEC) Model, the effect of monetary policy has been considered through this channel. In general, the results show that the debt of banks to the central bank as instruments of monetary policy through the housing price index, at least in the short run could increase the production level and decreases prices. Thus central bank with given facilities to banks can directly and through the housing price index strengthen production level and control prices in the short run. Also we found that shock of the required reserve ratio in general, directly affects production levels and don’t have any effect on production level and prices through the housing price index. Therefore, in using of these tool as instruments of monetary policy, the housing price index channel in monetary transmission policy, has a little effect and only on the production.
Naghmeh Honarvar, Homayoun Ranjbr, Sara Ghobadi,
Volume 9, Issue 32 (7-2018)
Abstract
This study examines the long run relationship between the efficiency component (good market efficiency and labor market efficiency) in the global competitiveness index and the variables of economic success (economic growth and unemployment) by using new econometric methods in selected countries of Asia with the average upward Global Competitiveness Index. This study, in the framework of the Panel Vector Error Correction Model (PVECM), examines the long run relationship between variables over the period 2008-2016. Estimation of long run coefficients by using Dynamic Ordinary Least Squares (DOLS) and estimating error correction temr coefficients by using the Pool Mean Group Method (PMG) and Panel Vector Error Correction Model has been done. Estimations of the coefficients of the variables of the good market efficiency and labor market efficiency by using DOLS method show that the effects of good market efficiency and labor markets efficiency on the economic growth in the long run are positive and significant. The impacts of good market efficiency and labor market efficiency on unemployment in the long run are negative and significant. Also, the results of estimating logarithmic coefficients in the DOLS method show that the most effective variable on economic success variables (economic growth and unemployment) is related to good market efficiency. The estimation of the coefficients of error correction term by using the PMG and PVECM method show that when the economic growth rate is dependent variable, since the coefficient of error correction term for this variable is negative and significant, therefore, There is a long run relationship between the rate of economic growth, good market efficiency and labor market efficiency. When the unemployment rate is dependent variable, since the coefficient of error correction term is negative and significant for this variable, there is a long run relationship between the unemployment rate, good market efficiency and labor market efficiency.
