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Heterogeneidad de la Transmisión Monetaria: Efectos Sectoriales y Regionales

  • Héctor Bravo L.
  • Carlos García T.
  • Verónica Mies M.
  • Matías Tapia G.

Different studies have analyzed monetary transmission in Chile and the effects of monetary policy on aggregate macroeconomic variables. However, valuable information could 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 three different classifications: private spending (consumption and investment), economic sectors, and regional unemployment. The paper finds significant heterogeneous effects in the disaggregate impact (both in size and in length) of monetary shocks. In most cases, these effects are consistent with the theoretical implications of monetary transmission channels.

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Article provided by Central Bank of Chile in its journal Economía Chilena.

Volume (Year): 6 (2003)
Issue (Month): 3 (December)
Pages: 5-26

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Handle: RePEc:chb:bcchec:v:6:y:2003:i:3:p:5-26
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  1. 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.
  2. Spencer Dale & Andrew Haldane, 1993. "Interest rates and the channels of monetary transmission: some sectoral estimates," Bank of England working papers 18, Bank of England.
  3. Gertler, Mark & Gilchrist, Simon, 1994. "Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms," The Quarterly Journal of Economics, MIT Press, vol. 109(2), pages 309-40, May.
  4. Joe Ganley & Chris Salmon, 1997. "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts," Bank of England working papers 68, Bank of England.
  5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
  6. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El ahorro y el consumo de durables frente al ciclo económico: ¿Consumismo, frugalidad, racionalidad?," Central Banking, Analysis, and Economic Policies Book Series, in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edit (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 5, pages 105-140 Central Bank of Chile.
  7. Juan J. de Lucio & Mario Izquierdo, . "Local responses to a global monetary policy: The regional structure of financial systems," Working Papers 99-14, FEDEA.
  8. 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.
  9. Gerald A. Carlino & Robert H. DeFina, 1996. "Does monetary policy have differential regional effects?," Business Review, Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
  10. Erceg, Christopher J. & Levin, Andrew T., 2002. "Optimal monetary policy with durable and non-durable goods," Working Paper Series 0179, European Central Bank.
  11. GALLEGO Francisco & SCHMIDT-HEBBEL Klaus & SERVÉN Luis, . "General Equilibrium Dynamics of Foreign Shocks and Policy Changes in Chile," EcoMod2003 330700060, EcoMod.
  12. Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16.
  13. 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.
  14. 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.
  15. Sydney Ludvigson & Charles Steindel & Martin Lettau, 2002. "Monetary policy transmission through the consumption-wealth channel," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 117-133.
  16. Eric Parrado, 2001. "Effects of Foreign and Domestic Monetary Policy in a Small Open Economy: the Case of Chile," Working Papers Central Bank of Chile 108, Central Bank of Chile.
  17. Héctor Felipe Bravo & Jorge Enrique Restrepo, 2002. "Funciones Agregadas de Inversión para la Economía Chilena," Working Papers Central Bank of Chile 158, Central Bank of Chile.
  18. Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 3-10, Fall.
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