[Home ] [Archive]   [ فارسی ]  
:: Main :: About :: Archive :: Search :: Submit :: Contact ::
Main Menu
Home::
Journal Information::
Articles archive::
For Authors::
For Reviewers::
Registration::
Contact us::
Site Facilities::
Webmail::
::
Search in website

Advanced Search
..
Receive site information
Enter your Email in the following box to receive the site news and information.
..
:: Volume 1, Issue 3 (6-2011) ::
2011, 1(3): 29-43 Back to browse issues page
The Role of Asset Price Channel in Monetary Transmission Mechanism in Iran: The Case of Housing Price Index
Hosein Sharifi-Renani , Sara Ghobadi , Farzaneh Amrollahi , Naghmeh Honarvar
Abstract:   (22290 Views)
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.
Keywords: asset price channel, house price index, Vector Error Correction Model (VECM), debt of banks to the central bank, required reserve ratio.
     
Type of Study: Applicable | Subject: پولی و مالی
Received: 2010/12/5 | Accepted: 2011/06/26 | Published: 2011/06/15
Send email to the article author

Add your comments about this article
Your username or Email:

CAPTCHA


XML   Persian Abstract   Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Sharifi-Renani H, Ghobadi S, Amrollahi F, Honarvar N. The Role of Asset Price Channel in Monetary Transmission Mechanism in Iran: The Case of Housing Price Index. Journal title 2011; 1 (3) :29-43
URL: http://jfm.khu.ac.ir/article-1-122-en.html


Rights and permissions
Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Volume 1, Issue 3 (6-2011) Back to browse issues page
فصلنامه تحقیقات مدلسازی اقتصادی Journal of Economic Modeling Research
Persian site map - English site map - Created in 0.1 seconds with 37 queries by YEKTAWEB 4655