Monetary Shocks And Monetary Transmission Mechanism In The Iranian Economy: With Emphasis On Exchange Rates, Housing Prices And Credits

The study of the effect of monetary shocks through monetary policy Transmission Mechanism is one of the topics in the macroeconomic field that is divided into two main polepoints of the neoclassical (demand side) and nonnoclassical (supply side) perspective, Researchers in different countries have studied effects of monetary shocks through these channels on macroeconomics, But in domestic studies, the lack of simultaneous attention to the money neutarlity in the long run and the asymmetry of positive and negative shocks in the presence of monetary policy transmission mechanism is one of the main weaknesses in the discussion. This article is intended to fill this research gap with Using the seasonal data of Iran's economy during the period of 1369 to 1395, to study the effect of monetary shocks through transmission channels on production. For this purpose, using the Markov switching model, negative and positive shocks were extracted. Then, the results of the used model by auto regressive distributed lags method showed that; The three-channel exchange rate, housing prices and credits are incapable of transferring the effects of monetary policy in the long run, These findings validate long-term monetary neutrality. also Despite these channels, there is asymmetry between positive and negative shocks, Also the credit chanel has a stronger role in transferring the monetary policy effects on the economy of Iran than the two other channels.