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 analysis of the output gap dynamics (the difference between the observed and the non-inflationary potential output) is a widely used tool for structural models employed by central banks. In such models, the output gap is a key variable to explain the dynamics of prices and wages. However,...

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...

We use a variation on the business cycle accounting method of Chari, Kehoe and McGrattan to study the business cycle in Argentina from 1972 to 2006. We use capital utilization as a household decision variable to be able to better extract the wedge that functions as a tax on capital. Applying the...