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:: Volume 19, Issue 58 (Summer 2011) ::
qjerp 2011, 19(58): 31-50 Back to browse issues page
Monetary and Financial Policy Impact on Residential Investment in Open Economy
Ali Akbar Gholizadeh * , Javad Barati
, a.gholizadeh@basu.ac.ir
Abstract:   (14170 Views)
By considering the increasing importance of international trade and economies interdependence to each other, and also because of the importance of housing in the national economy, this study according to studies antipa and schalck (2009) and vargas-silva (2008) examines the effects of macroeconomic variables, including fiscal and monetary policy variables, on residential investment in open economy and closed economy. For investigating these effects are used vector error correction model (VECM) and the time period (1370 – 1386). Generalized impulse response functions (GIRFs) show that consumption and liquidity, than the government investment expenditures on construction sector, have greater effect on residential investment. Government investment expenditures on construction sector as a fiscal policy variable, low impact but positive has on residential investment. The results illustrate that the role of monetary policy in open economy on residential investment is more significant than closed economy, while government investment effect on residential investment has declined. These results emphasize on the importance of monetary policy on residential investment, versus fiscal policy. Forecast error variance decompositions confirms also results of generalized impulse response functions.
Keywords: Residential Investment, Open Economy Macroeconomics, Monetary and Fiscal Policy
Full-Text [PDF 447 kb]   (1947 Downloads)    
Type of Study: Research | Subject: General
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Gholizadeh A A, Barati J. Monetary and Financial Policy Impact on Residential Investment in Open Economy. qjerp 2011; 19 (58) :31-50
URL: http://qjerp.ir/article-1-204-en.html


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Volume 19, Issue 58 (Summer 2011) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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