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.
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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)
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