نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشیار،گروه اقتصاد، پژوهشکده امور اقتصادی، ایران
2 استادیار، گروه اقتصاد، دانشگاه پیام نور، تهران، ایران
3 دانشیار،گروه اقتصاد، دانشگاه پیام نور، تهران، ایران
چکیده
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
In this study, the relationship between housing prices and demand for money was investigated. For this purpose, the seasonal data of the period 2013: Q1 - 2021: Q4 and the quantile on quantile estimation method were used, which is a combination of non-parametric estimation methods and quantile regression. The research results showed that the effect of housing price on money demand is symmetrical and non-linear. In fact, with the increase in housing prices, the demand for money decreases, and this decrease is more in the middle quantiles. This result confirms the negative substitution hypothesis of housing in the asset portfolio. Also, the results of the research showed that economic growth in the middle quantiles has a positive effect and in other quantiles it has a negative effect on economic growth. Regarding the effect of inflation and exchange rate on money demand, the research results showed that the effect of inflation is symmetrical, but the effect of exchange rate on money demand is asymmetrical. In other words, an increase in inflation will increase the demand for money. However, the effect of exchange rate on money demand in high quantiles of exchange rate is different from low quantiles.
کلیدواژه‌ها [English]
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