The purpose of this study is to compare the effect of monetary policy on economic activity in the five longest-operating Latin American countries operating the inflation targeting scheme (Chile, Brazil, Colombia, Peru and Mexico). A structural VAR model is estimated for each country using similar variables, finding that the impacts are significantly higher in Mexico and Peru. This paper also seeks to identify the best transmission channels operating in each country. This is carried out by estimating other structural VAR models in each country, but expanded with variables that should be the link between monetary policy decisions and changes in economic activity. The results show a greater relative importance in all countries for the interest rate channel. The exchange rate channel is shown to be important in Mexico, and the channels associated with the vision of credit are relevant only in Peru.