بررسی بازار مسکن در مکانیسم انتقال پولی

In the late 1990s and early 21 century there has been a very big rise in the price of housing in most countries including the United States and Japan. The same trend occurred in Iran in the years after the Iran-Iraq war and has continued up to the present. Housing in Iran has always had a mutual relationship with economic fluctuations including monetary policies. Thus the impact of housing on Iran’s economy is significant. In this applied- analytical research, the aim is to investigate the monetary transmission mechanism in the housing market in Iran during the years 1988-2006 by using a SVAR eight- variable model and seasonal data. The research found that the expansionary-monetary shock policy, which is the result of liquidity shock, has had a significant impact on housing prices lasting for 3 years at a time. Meanwhile, the price of housing explains about 20 per cent of the GDP changes in the study period.