The Study of Relationship between Credit Channel of Monetary Policy and Real Estate Price in Iran

In this article relationship between credits channel for monetary policy and price of real estate was studied using two vector auto-regression models during 1974-2008. In first model, long term relationship between monetary policy and given loansto real estate section and in second model, long-term and significant relationship between size of loansin real estate section and price of real estate are studies. Based on results of first model existence of long term and significant relationship between monetary policy and given loans to real estate section is confirmed. But estimation of second model shows that there is no relationship between credit channel of monetary policy and price of real estate and effects of monetary policy are not transferred through credit channel to real estate section.