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:: Volume 14, Issue 3 (Summer 2019) ::
J. Mon. Ec. 2019, 14(3): 277-315 Back to browse issues page
Housing in Banks’ Portfolio and its Effects on Monetary Policy in Iran
Hossein Tavakolian 1, Habib Morovat1, Diar Baheri Rad1
1- Allameh Tabataba'i University
Abstract:   (637 Views)
The recent housing market experience has led many to concern that the developments in the housing sector are not just a passive reflection of macroeconomic activities but instead might be one of the driving forces of them. In this context, it is crucial to understand the nature of the economy by considering the housing market and build a suitable monetary policy. In this paper, using Bayesian methods, we develop and estimate a DSGE model for Iran from 1988q1 to 2017q4, which explicitly models the housing in the banks’ portfolio to study the macroeconomic effects of monetary authority’s reaction to the housing price inflation. Our findings indicate that this reaction amplifies all the implications of the structural shocks.
Keywords: Monetary Policy, Taylor Rule, Housing, DSGE, Bayesian Estimation
Full-Text [PDF 1337 kb]   (402 Downloads)    
Type of Study: Original Research - Empirical | Subject: Monetary Economics
Received: 21 Jan 2020 | Accepted: 29 Feb 2020 | Published: 12 Apr 2020
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Tavakolian H, Morovat H, Baheri Rad D. Housing in Banks’ Portfolio and its Effects on Monetary Policy in Iran. J. Mon. Ec.. 2019; 14 (3) :277-315
URL: http://jme.mbri.ac.ir/article-1-474-en.html


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Volume 14, Issue 3 (Summer 2019) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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