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A Dynamic Stock-Flow Model for Argentina: an Application to the Post-Pandemic Economic Scenario

Gabriel Michelena ()
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Gabriel Michelena: Central Bank of Argentina

Ensayos Económicos, 2021, vol. 1, issue 78, 113-142

Abstract: This document develops a Consistent Stock-Flow (SFC) model for the analysis of macroeconomic variables in Argentina. The main utility of SFC models is associated with the possibility of performing counterfactual exercises to evaluate different modifications of fiscal, tax, monetary and commercial policy. These models are characterized by the use of social accounting matrices (SAM), which allows a breakdown of the capital account and financial instruments of each institutional sector. This gives accounting consistency, since the SAM contains the main transactions of the real sector, as well as the monetary flows between the different institutions: households, companies, banks, government, central bank and the rest of the world. This model was developed with the objective of making medium-term projections on the main flows and stocks of the Argentine economy, complementing the results of other existing models in the literature.

Keywords: monetary policy; simulations; stock-flow models (search for similar items in EconPapers)
JEL-codes: C54 E16 E58 (search for similar items in EconPapers)
Date: 2021
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