Regional and State Heterogeneity of Monetary Shocks in Argentina

Emilio Blanco, Pedro Elosegui, Alejandro Izaguirre () and Gabriel Montes-Rojas ()
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Alejandro Izaguirre: Universidad de San Andrés

No 2019-39, Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) from Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET)

Abstract: This paper empirically investigates how economic activity in Argentina at regional and provincial (i.e., state) levels respond to central national monetary policy shocks, as given by a change in the interest rate. The rst result is that regional heterogeneity of monetary shocks exists in Argentina. At the regional level the long-term eects of increasing the interest rate are negative and statistically signicant. At the provincial level, 11 provinces show a negative and signicant impact of a shock on the interest rate over employment. However, there are 13 provinces in which the eect is not statistically signicant, including the City of Buenos Aires and Buenos Aires Province. Bayesian methods are implemented to study the discrepancies in the impact on dierent provinces.

Keywords: Monetary Policy; Monetary Transmission; Regional Effects (search for similar items in EconPapers)
JEL-codes: E52 G21 R11 R12 (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-cba, nep-geo, nep-mac, nep-mon and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Journal Article: Regional and state heterogeneity of monetary shocks in Argentina (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ake:iiepdt:201939

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