Regional and state heterogeneity of monetary shocks in Argentina

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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 rest result is that regional heterogeneity of monetary shocks exists in Argentina....

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Autores principales: Montes-Rojas, Gabriel, Blanco, Emilio, Pelosegui, Pedro, Izaguirre, Alejandro
Formato: Artículo publishedVersion
Lenguaje:Inglés
Publicado: Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) 2022
Materias:
Política monetaria
Trasmisión monetaria
Efectos regionales
Monetary policy
Monetary transmission
Regional Effects
Acceso en línea:https://ojs.economicas.uba.ar/DT-IIEP/article/view/2510
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2510_oai
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Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
id I28-R145-2510_oai
record_format dspace
spelling I28-R145-2510_oai2025-02-11 Montes-Rojas, Gabriel Blanco, Emilio Pelosegui, Pedro Izaguirre, Alejandro 2022-12-01 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 rest result is that regional heterogeneity of monetary shocks exists in Argentina. At the regional level the long-term effects of increasing the interest rate are negative and statistically significant. At the provincial level, 11 provinces show a negative and significant impact of a shock on the interest rate over employment. However, there are 13 provinces in which the effect is not statistically significant, including the City of Buenos Aires and Buenos Aires Province. Bayesian methods are implemented to study the discrepancies in the impact on different provinces. El trabajo investiga empíricamente la respuesta de la actividad económica provincial y regional en Argentina a los shocks de política monetaria dados por cambios en la tasa de interés. Se encuentra que en Argentina existen heterogeneidades regionales, resultantes de efectos diferenciales de los shocks de política monetaria. A nivel regional los efectos son negativos y estadísticamente signicativos. A nivel provincial, 11 provincias muestran un impacto negativo y signicativo a los shocks de la tasa de interés sobre el empleo. No obstante, hay 13 provincias en las cuales el efecto no es estadísticamente signicativo, incluyendo las de mayor tamaño e importancia económica, la Ciudad Autónoma de Buenos Aires y Gran Buenos Aires, así como la provincia de Buenos Aires. Finalmente se utilizan métodos bayesianos para analizar los determinantes de los efectos heterogéneos encontrados en las diferentes provincias. application/pdf https://ojs.economicas.uba.ar/DT-IIEP/article/view/2510 eng Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) https://ojs.economicas.uba.ar/DT-IIEP/article/view/2510/3252 Documentos de trabajo del Instituto Interdisciplinario de Economía Política; Núm. 39 (2019): Documento de trabajo del Instituto Interdisciplinario de Economía Política UBA CONICET; 1-28 Working Papers series at Instituto Interdisciplinario de Economía Política; No. 39 (2019): Working Paper Instituto Interdisciplinario de Economía Política UBA CONICET; 1-28 2451-5728 Política monetaria Trasmisión monetaria Efectos regionales Monetary policy Monetary transmission Regional Effects Regional and state heterogeneity of monetary shocks in Argentina Shocks monetarios a nivel regional y provincial en la Argentina info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2510_oai
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Inglés
orig_language_str_mv eng
topic Política monetaria
Trasmisión monetaria
Efectos regionales
Monetary policy
Monetary transmission
Regional Effects
spellingShingle Política monetaria
Trasmisión monetaria
Efectos regionales
Monetary policy
Monetary transmission
Regional Effects
Montes-Rojas, Gabriel
Blanco, Emilio
Pelosegui, Pedro
Izaguirre, Alejandro
Regional and state heterogeneity of monetary shocks in Argentina
topic_facet Política monetaria
Trasmisión monetaria
Efectos regionales
Monetary policy
Monetary transmission
Regional Effects
description 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 rest result is that regional heterogeneity of monetary shocks exists in Argentina. At the regional level the long-term effects of increasing the interest rate are negative and statistically significant. At the provincial level, 11 provinces show a negative and significant impact of a shock on the interest rate over employment. However, there are 13 provinces in which the effect is not statistically significant, including the City of Buenos Aires and Buenos Aires Province. Bayesian methods are implemented to study the discrepancies in the impact on different provinces.
format Artículo
publishedVersion
author Montes-Rojas, Gabriel
Blanco, Emilio
Pelosegui, Pedro
Izaguirre, Alejandro
author_facet Montes-Rojas, Gabriel
Blanco, Emilio
Pelosegui, Pedro
Izaguirre, Alejandro
author_sort Montes-Rojas, Gabriel
title Regional and state heterogeneity of monetary shocks in Argentina
title_short Regional and state heterogeneity of monetary shocks in Argentina
title_full Regional and state heterogeneity of monetary shocks in Argentina
title_fullStr Regional and state heterogeneity of monetary shocks in Argentina
title_full_unstemmed Regional and state heterogeneity of monetary shocks in Argentina
title_sort regional and state heterogeneity of monetary shocks in argentina
publisher Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET)
publishDate 2022
url https://ojs.economicas.uba.ar/DT-IIEP/article/view/2510
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=2510_oai
work_keys_str_mv AT montesrojasgabriel regionalandstateheterogeneityofmonetaryshocksinargentina
AT blancoemilio regionalandstateheterogeneityofmonetaryshocksinargentina
AT peloseguipedro regionalandstateheterogeneityofmonetaryshocksinargentina
AT izaguirrealejandro regionalandstateheterogeneityofmonetaryshocksinargentina
AT montesrojasgabriel shocksmonetariosanivelregionalyprovincialenlaargentina
AT blancoemilio shocksmonetariosanivelregionalyprovincialenlaargentina
AT peloseguipedro shocksmonetariosanivelregionalyprovincialenlaargentina
AT izaguirrealejandro shocksmonetariosanivelregionalyprovincialenlaargentina
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