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J. Mon. Ec. 2017, 12(2): 123-143 Back to browse issues page
The Influence of Housing Investment as an Asset Price Channel on Inflation
Ahmad Arabian Mahdi1, Ali Akbar Khosravinejad 1, Mehdi Pedram2, Rafik Nazarian1, Teymoor Mohammadi3
1- Faculty of Economics and Accounting, Central Tehran Branch, Islamic Azad University
2- Department of Economics, Alzahra University
3- Faculty of economics, Allameh Tabataba’i University
Abstract:   (173 Views)
The housing market plays a significant role in the economies of countries, and as an asset price channel, is considered as one of the main channels for monetary transmission mechanism. Considering the structure of the country's economy and the characteristics of housing as a capital commodity, the assessment of the impact of housing investment on inflation is important. This research evaluates the impact of housing investment, as an asset price channel, on inflation in Iran's economy by self-regression model with the possibility of changing the regime of Markov (MS-VAR) and using seasonal data for the period of 1369-1395. In general, it is concluded that the investment channel, as an asset price channel, in the housing sector contributes to inflation in each period of recession and boom, and increases inflation. Also, the channel does not affect the exchange rate during the recession, but it leads to a devaluation of the national currency during the boom.
Keywords: Monetary Transmission Mechanism, Business Cycles, Markov Switching VAR Model
Full-Text [PDF 369 kb]   (88 Downloads)    
Type of Study: Research | Subject: Monetary Economics
Received: 2019/04/23 | Accepted: 2019/04/23 | Published: 2019/04/23
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Arabian Mahdi A, Khosravinejad A A, Pedram M, Nazarian R, Mohammadi T. The Influence of Housing Investment as an Asset Price Channel on Inflation. J. Mon. Ec.. 2017; 12 (2) :123-143
URL: http://jme.mbri.ac.ir/article-1-406-en.html


Volume 12, Issue 2 (Spring 2017) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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