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A Small Economic Model for Argentina

Editor

Listed:
  • Pedro Elosegui
    (Central Bank of Argentina)

  • Guillermo Escudé
    (Central Bank of Argentina)

  • Lorena Garegnani
    (Central Bank of Argentina)

  • Juan Martín Sotes Paladino
    (Central Bank of Argentina)

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.

Suggested Citation

  • Pedro Elosegui & Guillermo Escudé & Lorena Garegnani & Juan Martín Sotes Paladino (ed.), 2007. "A Small Economic Model for Argentina," BCRA Paper Series, Central Bank of Argentina, Economic Research Department, number 03, November.
    • Handle: RePEc:bcr:estudi:03
    as

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    More about this item

    Keywords

    Argentina; forecasting; general equilibrium; monetary policy; New Keynesian models;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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