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:: Volume 28, Issue 95 (Quarterly journal of economic research and policies 2020) ::
qjerp 2020, 28(95): 271-305 Back to browse issues page
A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran
SeyedVahid Ahmady , Ebrahim Abbassi * , Reza Mohseni
Department of Economics, Firoozkooh Branch, Islamic Azad University, , abbassiebrahim@yahoo.com
Abstract:   (2985 Views)

The purpose of this paper is to study the behavior of the housing price affordability index in the urban areas of Iran during the 1992-2017 period, and to explain the effect of monetary policy shocks and asset markets' performance on this index during the referred period. The Granger Cointegration Test was used to study the behavior of the mentioned index and the SVAR Model was applied to explain the effect of the said shocks on the housing price affordability index. According to the findings of this study, the fluctuations of the housing price affordability index in urban areas are far beyond a short-term imbalance in a way that with the further widening of the gap between household income and urban housing prices, the convergence of these two variables could not be confirmed. Based on the SVAR model results, the greatest impact on housing price affordability is resulted from the shocks caused by housing prices. In addition, the impact of liquidity shocks and real interest rates on the affordability of housing prices is greater than the shocks resulted from market behavior of the competitors' assets.

Keywords: Iran, Housing Price Affordability, monetary policy, Asset Markets, structural vector autoregressive (SVAR) method
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Type of Study: Research | Subject: Special
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Ahmady S, Abbassi E, Mohseni R. A Review of the Impact of Monetary Policy Shocks and Asset Markets' Behavior on Affordability of Urban Housing Prices in Iran. qjerp 2020; 28 (95) :271-305
URL: http://qjerp.ir/article-1-2489-en.html


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Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Volume 28, Issue 95 (Quarterly journal of economic research and policies 2020) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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