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

Mehdi Pedram, Shamsollah Shirinbakhsh and Azin Afshar

Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), 2011, vol. 3, issue 7, 77-108

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

Keywords: house prices; monetary transmission mechanism; house price channels; structural VAR; counterfactual simulation approach (search for similar items in EconPapers)
Date: 2011
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