Heterogeneous Effects of Monetary Policy on Industries : Evidence from Publicly Traded Firms in Peru

In this paper I study the heterogeneous effects of a monetary policy shock on industries through Publicly Traded Firms in Peru. For this purpose I elaborate five types of measures of a monetary policy shock, four of these measures try to correct two possible risks as the endogeneity that a monetary policy may have with the economic activity or the Central Bank's anticipation of certain events. The dependent variables I use are Total Assets, Total Income, Net Worth and Net Utilities. The methodology I use is Local Projections (LP), because it allows to control for the persistence of monetary policy shocks, in case of the presence of biases, it is usually smaller than the traditional methodologies used such as vector autoregressive (VAR), and because they are parsimonious. The results I find are heterogeneous across industries, with positive, negative and null impacts on the same variable. Also in different magnitudes of impacts