A recent survey carried out by the Research Department revealed that prices are revised roughly every quarter in the economy. Coupled with the fact that we have had, more or less, double-digit inflation for the past 4 years now, prices are very quick to adjust. Therefore, the impact on aggregate demand through the real interest channel is muted.
On the contrary, we have observed that the lending channel via the banks is quite robust. In fact, the transmission of monetary shocks through the lending channel is asymmetrically distributed; smaller banks, which have a higher cost of funds, tend to amplify monetary shocks for smaller borrowers.