Heterogeneity in Monetary Transmission: Sectoral and Regional Effects
AbstractDifferent studies have analyzed monetary transmission in Chile, and the effects of monetary policy on aggregate macroeconomic variables. However, valuable information, relevant for the design and management of monetary policy, can be obtained in a more specific analysis of the impact of monetary shocks on the components of aggregate activity. Thus, this paper studies the disaggregate effects of monetary policy, distinguishing among three different classifications: private spending (consumption and investment), economic sectors and regional unemployment. The paper finds significant differences in the disaggregate impact (both in size and length) of monetary shocks. In most cases, these differences are consistent with the theoretical implications of traditional monetary transmission channels.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 235.
Date of creation: Oct 2003
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-11-09 (All new papers)
- NEP-MAC-2003-11-09 (Macroeconomics)
- NEP-MON-2003-11-09 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gertler, Mark & Gilchrist, Simon, 1993.
" The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence,"
Scandinavian Journal of Economics,
Wiley Blackwell, vol. 95(1), pages 43-64.
- Mark Gertler & Simon Gilchrist, 1993. "The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence," Finance and Economics Discussion Series 93-5, Board of Governors of the Federal Reserve System (U.S.).
- Bernd Hayo, 1999.
"Industry Effects of Monetary Policy in Germany,"
- Bernanke, Ben S & Blinder, Alan S, 1992.
"The Federal Funds Rate and the Channels of Monetary Transmission,"
American Economic Review,
American Economic Association, vol. 82(4), pages 901-21, September.
- Ben Bernanke, 1990. "The Federal Funds Rate and the Channels of Monetary Transnission," NBER Working Papers 3487, National Bureau of Economic Research, Inc.
- Ben S. Bernanke & Alan S. Blinder, 1989. "The federal funds rate and the channels of monetary transmission," Working Papers 89-10, Federal Reserve Bank of Philadelphia.
- Raul Ramos Lobo & Miguel Juan Clar Lopez & Jordi Surinach Caralt, 2002. "Efectos regionales de la politica monetaria: implicaciones para los paises de la zona euro," Working Papers in Economics 76, Universitat de Barcelona. Espai de Recerca en Economia.
- Jean Farès & Gabriel Srour, 2001. "The Monetary Transmission Mechanism at the Sectoral Level," Working Papers 01-27, Bank of Canada.
- Christopher J. Erceg & Andrew T. Levin, 2002.
"Optimal Monetary Policy with Durable and Non-Durable Goods,"
Computing in Economics and Finance 2002
343, Society for Computational Economics.
- Erceg, Christopher J. & Levin, Andrew T., 2002. "Optimal monetary policy with durable and non-durable goods," Working Paper Series 0179, European Central Bank.
- Christopher J. Erceg & Andrew T. Levin, 2002. "Optimal monetary policy with durable and non-durable goods," International Finance Discussion Papers 748, Board of Governors of the Federal Reserve System (U.S.).
- Verónica Mies & Felipe Morandé & Matías Tapia, 2002. "Política Monetaria y Mecanismos de Transmisión: Nuevos Elementos para una Vieja Discusión," Working Papers Central Bank of Chile 181, Central Bank of Chile.
- Gerald A. Carlino & Robert H. DeFina, 1996.
"Does monetary policy have differential regional effects?,"
Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
- Gerald Carlino & Robert DeFina, 1994. "Does monetary policy have differential regional effects?," Working Papers 94-23, Federal Reserve Bank of Philadelphia.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
- Bernanke, Ben S. & Mihov, Ilian, 1995.
"Measuring Monetary Policy,"
10, Institute for Advanced Studies.
- Robert Barsky & Christopher House & Miles Kimball, 2003.
"Do Flexible Durable Goods Prices Undermine Sticky Price Models?,"
- Robert Barsky & Christopher L. House & Miles Kimball, 2003. "Do Flexible Durable Goods Prices Undermine Sticky Price Models?," NBER Working Papers 9832, National Bureau of Economic Research, Inc.
- Rodrigo Díaz & Andrés Pardo & Patricio Meller, 2002. "Análisis económico-descriptivo de las regiones chilenas," Documentos de Trabajo 133, Centro de Economía Aplicada, Universidad de Chile.
- Lee E. Ohanian & Alan C. Stockman & Lutz Killian, 1994.
"The effects of real and monetary shocks in a business cycle model with some sticky prices,"
Federal Reserve Bank of Cleveland, pages 1209-1240.
- Ohanian, Lee E & Stockman, Alan C & Kilian, Lutz, 1995. "The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1209-34, November.
- Rodrigo Alfaro & Helmut Franken & Carlos García & Alejandro Jara, 2003. "Bank Lending Channel and the Monetary Transmission Mechanism: the Case of Chile," Working Papers Central Bank of Chile 223, Central Bank of Chile.
- Peter C.B. Phillips, 1995.
"Impulse Response and Forecast Error Variance Asymptotics in Nonstationary VAR's,"
Cowles Foundation Discussion Papers
1102, Cowles Foundation for Research in Economics, Yale University.
- Phillips, Peter C. B., 1998. "Impulse response and forecast error variance asymptotics in nonstationary VARs," Journal of Econometrics, Elsevier, vol. 83(1-2), pages 21-56.
- Joe Ganley & Chris Salmon, 1997. "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts," Bank of England working papers 68, Bank of England.
- Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16.
- Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 3-10, Fall.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudio Sepulveda).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.