La desigualdad y el disímil impacto de la política monetaria

Abstract

Inequality and the Heterogenous Impact of Monetary Policy

We analyze whether changes in the central bank's target rate have differentiated impacts in the different municipalities of the country. For such purpose we divide them into five groups according to their marginalization and estimate the impact that changes in the target rate have on the flow of personal and payroll loans. Using panel data and ARDL-CS methodologies, two results are found. First, in the case of payroll loans, those who benefit from a drop in the target rate and those who are least affected when the target rate is increased are those who live in municipalities with very low marginalization. Second, the volume of personal loans and payroll loans are sensitive to changes in the target rate only when people live in municipalities with low and very low marginalization. The originality of this work is its municipal approach. Its main implication is that if the monetary authority wishes to increase its geographical impact, it must look for new instruments and support non-bank financial institutions.