Macri's Macro: The Elusive Road to Stability and Growth

Federico Sturzenegger
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Federico Sturzenegger: Universidad de San Andres

Brookings Papers on Economic Activity, 2019, vol. 50, issue 2 (Fall), 339-436

Abstract: This paper reviews the various macroeconomic stabilization programs implemented during the Macri government between 2015 and 2019. After an initial success, each program was discontinued because of a distinct form of fiscal dominance: as pensions are indexed with a lag and represent a large portion of spending, quick disinflations jeopardize fiscal consolidation. Thus, lack of progress on the fiscal front was the fundamental reason why the objective of macroeconomic stability remained elusive.

Keywords: Argentina; Macri government; fiscal; macroeconomics; central bank (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bin:bpeajo:v:50:y:2019:i:2019-02:p:339-436

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