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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 09/117, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/117
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    1. Douglas Laxton & Michael Kumhof, 2007. "A Party without a Hangover? On the Effects of U.S. Government Deficits," IMF Working Papers 07/202, International Monetary Fund.
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    Cited by:

    1. 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.

    More about this item

    Keywords

    Economic models; External shocks; Argentina; Commodity prices; Demand; Monetary policy; International trade; Fiscal policy; Inflation; Revenues; Price increases; Time series; Terms of trade; inflationary pressures; nominal interest rates;

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