Similar to other Central Banks, the BCRA publishes monthly a REM that summaries the forecasts and projections of a group of economic analysts and consultants who volunteer to participate in the program. The BCRA publishes only the median, and the standard deviation of the sample received. The...

The level of bankarization (access to and use of banking services) is relatively low in Argentina both in historical terms and compared with similarly developed countries. This is shown by indicators both of access to and use of banking services. This paper analyzes a unique database containing...

This paper analyzes the evolution and differential scope of restrictions to financing for the companies surveyed by the Large Companies Survey (ENGE) of the National Institute of Statistics and Census (INDEC) during the period 1995-2003. The main purpose of this study is to differentiate results...

The principal components methodology allows us to summarize the relevant information of a series of economic indicators. In this paper, this methodology is used on series commonly used by the BCRA to follow up aggregate demand and supply conditions. The principal components are assessed in terms...

We use a variation on the business cycle accounting method of Chari, Kehoe and McGrattan (CKM) to study the business cycle in Argentina from 1972 to 2006. The method uses real data together with the equilibrium conditions of a prototype growth model to measure four wedges that are explained by...

The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

Inflation forecasting plays a central role in monetary policy formulation. At the same time, recent international empirical evidence suggests that with the decline in inflation of recent years, the joint dynamics of this variable and its potential predictors has changed and inflation has become...

Financial constraints affect firms’ financial and productive decisions generating substantial macroeconomic implications in terms of investment, economic growth, inflation and income distribution. Despite its relevance, financial constraints are not directly observable. However, empirically...