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

Author

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  • Gabriel Michelena

    (Central Bank of Argentina)

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.

Suggested Citation

  • Gabriel Michelena, 2021. "A Dynamic Stock-Flow Model for Argentina: an Application to the Post-Pandemic Economic Scenario," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(78), pages 113-142, November.
    • Handle: RePEc:bcr:ensayo:v:1:y:2021:i:78:p:113-142
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    More about this item

    Keywords

    monetary policy; simulations; stock-flow models;
    All these keywords.

    JEL classification:

    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • E16 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Social Accounting Matrix
    • 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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