A Small Economic Model for Argentina

Edited by Pedro Elosegui, Guillermo Escudé (), Maria Garegnani () and Juan Sotes-Paladino

in BCRA Paper Series from Central Bank of Argentina, Economic Research Department, currently edited by Germán Feldman

Abstract: 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.

Keywords: Argentina; forecasting; general equilibrium; monetary policy; New Keynesian models (search for similar items in EconPapers)
JEL-codes: C32 C61 E32 E37 E52 E58 (search for similar items in EconPapers)
Date: 2007
ISBN: 978-987-20003-8-7
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