{"title":"Industrial structure and transmission of monetary policy in Latin American countries","authors":"Jorge David Quintero Otero","doi":"10.1016/j.inveco.2018.01.004","DOIUrl":null,"url":null,"abstract":"<div><p><strong>B</strong>ased on data from the manufacturing industry and its subsectors, this article shows the impact of monetary policy according to the industrial structure in Brazil, Chile, Colombia, Mexico and Peru, the five Latin American countries adopting the system of inflation targeting for the longest time. Results show that the impact of monetary policy on industrial production is stronger in countries where the interest rate channel is more relevant, since the subsectors producing capital goods and durable consumer goods are more sensitive to monetary decisions. These results are closely linked to the role of price rigidities on the differential impact of monetary policy on industrial subsectors.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 103-129"},"PeriodicalIF":0.6000,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2018.01.004","citationCount":"13","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Investigacion Economica","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0185166718300055","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 13
Abstract
Based on data from the manufacturing industry and its subsectors, this article shows the impact of monetary policy according to the industrial structure in Brazil, Chile, Colombia, Mexico and Peru, the five Latin American countries adopting the system of inflation targeting for the longest time. Results show that the impact of monetary policy on industrial production is stronger in countries where the interest rate channel is more relevant, since the subsectors producing capital goods and durable consumer goods are more sensitive to monetary decisions. These results are closely linked to the role of price rigidities on the differential impact of monetary policy on industrial subsectors.
期刊介绍：
It is a specialized journal, bilingual (Spanish and English), plural and critical, which accepts and publishes scientific research articles in national and international economy. It is considered a public good that belongs to the University and society. Its vocation is to analyze the evolution of the theoretical and practical economics. In its pages the paradigms of economics, history of economic thought, the theories and debates about economic policy and its consequences, the diagnosis of the Mexican economy, the economic development of Latin America and the problems spread the world economy in general. It is a journal that does not discriminate plural none paradigm; theoretical orientation is unorthodox for epistemological reasons, not ideological preferences.
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