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TIAL REGIONAL EFFECTS OF MONETARY POLICY: EVIDENCE FROM THE U.S. STATES

This paper uses time-series techniques to examine whether monetary policy had symmetric effects across U.S. states during the 1958:1-1992:4 period. Impulse response functions from estimated structural vector autoregression models reveal differences in policy responses, which in some cases are substantial. The paper also provides evidence on the reasons for the measured crossstate differential policy responses. The size of a state’s response is significantly related to industrymix variables, providing evidence of an interest rate channel for monetary policy, although the statelevel data offer no support for recently advanced credit-channel theories.