Abstract
Abstract. The asset prices channel, as one of the transmission channels of monetary policy, refers to the process of changing aggregate demand level by affecting the asset prices of a change in the central bank's monetary policy decisions. There are 3 basic components of the asset price channels: stock price channel, housing price channel and exchange rate channel. In this study, the operation of the housing price channel is investigated by applying Panel VAR analysis. For this purpose, the data between 2009Q1-2017Q4 period for BRICT countries are analyzed and tested. The findings show that the housing price channel is operating in these countries. The study consists of three parts. In the first part, the operation of the housing price channel is explained. In the second part, the literature research and in the third section, the empirical analysis are emphasized.
Keywords. Monetary transmission mechanism, Asset price channel, Stock price channel, Housing price channel.
JEL. O18, R21, R30, R31.
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