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

34 Pages Posted: 8 Jun 2009

See all articles by Pelin Berkmen

Pelin Berkmen

International Monetary Fund (IMF)

Date Written: May 2009

Abstract

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.

Keywords: Argentina, Commodity prices, Demand, Economic models, External shocks, Fiscal policy, Inflation, International trade, Monetary policy, Price increases, Revenues, Terms of trade, Time series

Suggested Citation

Berkmen, S. Pelin, Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy (May 2009). IMF Working Paper No. 09/117, Available at SSRN: https://ssrn.com/abstract=1415174

S. Pelin Berkmen (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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