El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México

New Consensus Macroeconomics and the mediocrity of economic growth in Mexico

Carlos Carrasco

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper we study the theoretical model and its application as economic policy of the New Consensus Macroeconomics in Mexico. We focus in fiscal and monetary policy in the last 30 years. We critically revise empirical economic literature on the effects of the process of adjustment and reforms in Mexican economy after the burst of the debt crisis. Finally, we analyse the explanatory hypothesis about the low growth of Mexican economy related to the weakness of property right protection. Our main conclusion states that, given the preferences of price stability imposed by the central bank and the disdain of fiscal policy in areas such as public investment, agents do not invest due to the deterioration of expectations of future growth of the Mexican economy and low expected returns to investment.

Keywords: Mexico; macroeconomic policy; New Consensus Macroeconomics; economic growth (search for similar items in EconPapers)
JEL-codes: E52 E62 F63 N16 (search for similar items in EconPapers)
Date: 2013-11
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:53391

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