The uncertainty around monetary policy decision-making requires central banks to make extensive use of macroeconomic models both to analyze the current economic situation and to forecast the evolution of the main economic variables. The Small Economic Model (SEM) for Argentina describes in a stylized manner the macroeconomic dynamic of a small and open economy. This document describes the SEM’s structure and its two versions: a first one that includes the model’s core equations, and a second version that incorporates the simultaneous intervention in the money and foreign exchange markets by the central bank. The model’s main characteristics and limitations, the techniques employed to estimate its parameters and impulse-response functions for both models are presented. Finally, the future research agenda aimed to strengthen the analysis, simulation and forecasting tools for monetary policy purposes is discussed.