{
  "title": "Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy",
  "publication": "IMF Working Papers, May 1, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/macroeconomic-responses-to-terms-of-trade-shocks-a-framework-for-policy-analysis-for-the-22983",
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  "summary": "This paper presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy.\n- Replicates the effect of the strong improvement in Argentina's terms of trade stemming from higher world commodity prices and other key economic trends in Argentina during the period 2003-2007.\n- 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."
    },
    {
      "heading": "Model and calibration",
      "content": "- Model: global integrated monetary fiscal (GIMF) model, adapted and calibrated to the Argentine economy.\n- Calibration target period: 2003-2007.\n- Focus: terms-of-trade improvement due to higher world commodity prices and concurrent Argentine economic trends."
    },
    {
      "heading": "Applications and substantive findings",
      "content": "- Use cases:\n  - Assess potential impact of different combinations of monetary and fiscal policies on output.\n  - Assess potential impact of different combinations of monetary and fiscal policies on inflation.\n  - Assess potential impact of different combinations of monetary and fiscal policies on the external trade.\n- Policy areas addressed: interest rate, monetary policy, open economy dynamics, conventional peg and exchange rate arrangements, fiscal policy, return on investment."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Commodities, Conventional peg, Exchange rate arrangements, Fiscal policy, Return on investment\n- Keywords: interest rate, monetary policy, open economy, WP\n\nSource: IMF Working Papers landing page for \"Macroeconomic Responses to Terms-of-Trade Shocks: A Framework for Policy Analysis for the Argentine Economy\" (May 1, 2009).\n\n---\n\n Content in this bundle\n\n- wp09117\n  - wp09117 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp09117 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/macroeconomic-responses-to-terms-of-trade-shocks-a-framework-for-policy-analysis-for-the-22983"
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    "[Markdown version](/en/publications/wp/issues/2016/12/31/macroeconomic-responses-to-terms-of-trade-shocks-a-framework-for-policy-analysis-for-the-22983/index.md)",
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    "Authors: Pelin Berkmen",
    "Published: May 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451872644.001",
    "Presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy.",
    "Replicates the effect of the strong improvement in Argentina's terms of trade stemming from higher world commodity prices and 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.",
    "Model: global integrated monetary fiscal (GIMF) model, adapted and calibrated to the Argentine economy.",
    "Calibration target period: 2003-2007.",
    "Focus: terms-of-trade improvement due to higher world commodity prices and concurrent Argentine economic trends.",
    "Use cases:",
    "Policy areas addressed: interest rate, monetary policy, open economy dynamics, conventional peg and exchange rate arrangements, fiscal policy, return on investment.",
    "Subject: Commodities, Conventional peg, Exchange rate arrangements, Fiscal policy, Return on investment",
    "Keywords: interest rate, monetary policy, open economy, WP",
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