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:: Volume 26, Issue 86 (Quarterly Journal Of Economic Research and Policies 2018) ::
3 2018, 26(86): 141-168 Back to browse issues page
News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model
Hadi Keshavarz , Hojat Parsa
Persian Gulf University , hd.keshavarz@pgu.ac.ir
Abstract:   (167 Views)

The housing sector is one of the most important sectors in the economy. Every change in this sector could affect macroeconomic indices such as economic growth and employees` production factors. First, in internal studies, the effect of monetary policy on the price of housing has been ambiguous and contradictory. Second, people's expectations as one of the factors influencing this sector are not considered. Hence, the aim of this study is to investigate the effect of news shock as well as monetary policy shock on fluctuations of the housing sector. To do so, a dynamic stochastic general equilibrium model with a house sector variable, patient household and impatient household was employed. Results show that news shock can lead to fluctuations in housing prices, but the effectiveness of correct and incorrect news shocks is different. The effect of incorrect shock in housing sector is persistent. Besides that, the impact of monetary policy shock on housing real price is negative.

Keywords: : Housing Sector, News shocks, Monetary policy, Dynamic stochastic general equilibrium model
Full-Text [PDF 1216 kb]   (71 Downloads)    
Type of Study: Research | Subject: Special
Received: 2017/04/17
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Keshavarz H, Parsa H. News Shock, Monetary Policy and Housing Sector Boom and Bust: Dynamic Stochastic General Equilibrium Model. 3. 2018; 26 (86) :141-168
URL: http://qjerp.ir/article-1-1753-en.html


Volume 26, Issue 86 (Quarterly Journal Of Economic Research and Policies 2018) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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