In analysing Argentina's variable growth record over the period 1913 to 1984, the study develops a comprehensive framework which disaggregates the economy into three sectors: agriculture, nonagriculture and government. The aim is to examine the relative performance of these sectors in the context of macro-economic policies.

The study focuses on the role of the real exchange rate. This is related not only to taxation and trade, as is often the case, but also to macro-economic policies. The differential impact of changes in the real exchange rate on the different sectors is examined, according to their degree of tradability. This analysis is then developed to show how sectoral prices are affected by macro and trade policies, as well as world terms of trade and how this affects sectoral output and hence, resource allocation and productivity.

The analysis is presented in terms of a single dynamic model which simulates the growth of the Argentine economy over the entire 1913-1984 period ...