Inflation and deflation of large calderas is traditionally interpreted as being induced by volume change of a discrete source embedded in an elastic or viscoelastic half-space, though it has also been suggested that hydrothermal fluids may play a role. To test the latter hypothesis, we carry out numerical simulations of hydrothermal fluid flow and poroelastic deformation in calderas by coupling two numerical codes: (1) TOUGH2 [Pruess et al., 1999], which simulates flow in porous or fractured media, and (2) BIOT2 [Hsieh, 1996], which simulates fluid flow and deformation in a linearly elastic porous medium. In the simulations, high-temperature water (350°C) is injected at variable rates into a cylinder (radius 50 km, height 3–5 km). [...]