Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy

May 1, 2009

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy. The model replicates the effect of the strong improvement in Argentina's terms of trade stemming from higher world commodity prices as well as other key economic trends in Argentina during the period 2003-2007. The model can be used to assess the potential impact of different combinations of monetary and fiscal policies on output, inflation, and the external trade.

Subject: Commodities, Conventional peg, Exchange rate arrangements, Fiscal policy, Return on investment

Keywords: interest rate, monetary policy, open economy, WP

Pages:
34
Volume:
2009
DOI:
https://doi.org/10.5089/9781451872644.001
Issue:
117
Series:
Working Paper No. 2009/117
Stock No:
WPIEA2009117
ISBN:
9781451872644
ISSN:
1018-5941

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