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

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  • Pelin Berkmen

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.

Suggested Citation

  • Pelin Berkmen, 2009. "Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy," IMF Working Papers 2009/117, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2009/117
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    References listed on IDEAS

    as
    1. Mr. Douglas Laxton & Mr. Michael Kumhof, 2007. "A Party without a Hangover? On the Effects of U.S. Government Deficits," IMF Working Papers 2007/202, International Monetary Fund.
    2. Mr. Douglas Laxton & Mr. Andrew Berg & Mr. Philippe D Karam, 2006. "Practical Model-Based Monetary Policy Analysis: A How-To Guide," IMF Working Papers 2006/081, International Monetary Fund.
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    Cited by:

    1. International Monetary Fund, 2014. "Peru: Selected Issues Paper," IMF Staff Country Reports 2014/022, International Monetary Fund.
    2. Aleksandar Shivarov, 2016. "Responses to Trade Shocks in Emerging Economies," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, issue 2, pages 58-65, November.
    3. Mr. Fei Han, 2014. "Measuring External Risks for Peru: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy," IMF Working Papers 2014/161, International Monetary Fund.

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