The goal of this research is to address these controversial issues by studying the short-run fluctuations of output and inflation in the case of a specific economy.
Our case of study will be the Argentine economy which, according to its structural characteristics, can be categorized within the semi-industrialized subgroup of less-developed countries. Although the meaning of the word "semi-industrialized” originally stems from the observation that the industrial sector in economies like Argentina: is not self-sufficient, there are other features associated with the structures of these economies that parallel this one in importance.