The aim of this article is to investigate the dynamic effects of monetary policy shocks on economic activity and aggregate price levels across Mexican states. To do this, a recursive structural panel VAR model is implemented as proposed by Pedroni which allows for regional heterogeneity and structural identifying restrictions of common monetary policy shocks. Empirical evidence suggests a common monetary policy shock to short‐term interest rates induces significant cross‐state variation in prices and output level responses. Additional analysis indicates that structural features, such as the industry mix and the small versus large firm mix, are possible sources of the observed cross‐state variation influenced by interest rates and credit channels. We conclude that the observed differentiated regional impacts are sufficiently important to justify rethinking Mexico's current monetary policy framework in order to explicitly consider a regional view.

中文翻译：

---

墨西哥的货币政策和区域经济绩效：结构面板VAR方法

本文的目的是研究货币政策冲击对墨西哥各州经济活动和总价格水平的动态影响。为此，按照Pedroni的建议实施了递归结构面板VAR模型，该模型允许区域异质性和常见货币政策冲击的结构性识别限制。经验证据表明，共同的货币政策对短期利率的冲击会引起价格和产出水平响应的重大跨州变化。进一步的分析表明，结构特征（例如行业组合以及小型和大型公司组合）可能是观察到的受利率和信贷渠道影响的跨州变化的来源。