Although economic agents in different parts of a country face heterogeneous prices, empirical literature continue to assume homogeneity in the monetary policy-inflation nexus, with dire consequences for optimal monetary policy and welfare. Using wavelet-based quantile regressions, we provide a multi-layered asymmetric exposition on provincial inflation-monetary policy relationship in South Africa. We find that whiles restrictive monetary policy delivers stability in the prices of Gauteng, Mpumalanga and North West provinces, it is destabilizing for prices in Eastern Cape, KwaZulu-Natal, Limpopo, Northern Cape and Western Cape provinces. The findings are mixed, for Free State province, depending on the time horizon and quantiles. Our findings present enormous policy and welfare implications, given the inflation targeting status of South Africa and the economic disparities among the provinces of the country.

尽管一个国家不同地区的经济主体面临着不同的价格，但实证文献继续假设货币政策与通货膨胀的关系是同质的，这对最优货币政策和福利产生了可怕的后果。使用基于小波的分位数回归，我们提供了关于南非省级通胀-货币政策关系的多层次不对称说明。我们发现，虽然限制性货币政策使豪登省、普马兰加省和西北省的价格保持稳定，但它却破坏了东开普省、夸祖鲁-纳塔尔省、林波波省、北开普省和西开普省的价格稳定。根据时间范围和分位数，自由州省的调查结果喜忧参半。我们的研究结果具有巨大的政策和福利影响，