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The Role of House Prices in the Monetary Transmission Mechanism: SVAR Approach and Counterfactual Simulation

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  • Pedram, Mehdi
  • Shirinbakhsh, Shamsollah
  • Afshar, Azin

Abstract

The role of house prices in transmission of the monetary shocks to consumption as the largest component of aggregate demand and residential investments in Iran has been studied in this paper. A structural vector autoregression (SVAR) is developed based on 1990-2009 data and counterfactual simulation approach. The results show that changes

Suggested Citation

  • Pedram, Mehdi & Shirinbakhsh, Shamsollah & Afshar, Azin, 2011. "The Role of House Prices in the Monetary Transmission Mechanism: SVAR Approach and Counterfactual Simulation," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 3(7), pages 77-108, June.
    • Handle: RePEc:mbr:jmbres:v:3:y:2011:i:7:p:77-108
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    Cited by:

    1. Johannes PS Sheefeni, 2017. "Monetary Policy Transmission Mechanism in Namibia: A Bayesian VAR Approach," Journal of Economics and Behavioral Studies, AMH International, vol. 9(5), pages 169-184.

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