عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Monetary policy and impulses are the most important factors which influence the financial and physical assets markets. Increased volatility in asset prices arising from the impulses has an important effect on the market speculators activities which seek profit (especially in short run) and can jeopardize financial stability of the economy.
However, monetary policy makers are aware of the effect of monetary policy on asset prices, have a more reasonable estimate in using monetary instruments to implement policies. The purpose of this paper is to explore the effect of monetary policy on the price of monetary assets such as; exchange rate, gold, stocks and proprieties.
Due to existence of the mutual relationship between monetary policy and asset prices, estimation of the effect of monetary policy on asset prices confronted with the problem of endogeneity. Also, the role of other variables affecting on this relationship, estimation of the impact of monetary policy on asset prices is faced with some problems. So, due to these problems, identification of this effect through estimation is faced with problems. Therefore, in this study we used three-stage least squares simultaneous equation techniques. Our monthly estimates during 1999 and 2012 indicate that expansionary monetary policy has positive impact on exchange rates, mortgages and gold, while a negative impact on stocks.
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