Macri´s Macro: The meandering road to stability and growth
No 135, Working Papers from Universidad de San Andres, Departamento de Economia
This paper reviews the various macroeconomic stabilization programs implemented during the Macri government between 2015 and 2019. We find that 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. Lack of progress on the fiscal front made these reversals unavoidable.
Keywords: inflation targeting; inflation targets; fiscal policy; backward indexation; Lebacs; Macri´s Presidency (search for similar items in EconPapers)
JEL-codes: E58 E62 E63 (search for similar items in EconPapers)
Pages: 65 pages
Date: 2019-10, Revised 2019-10
New Economics Papers: this item is included in nep-mac
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https://webacademicos.udesa.edu.ar/pub/econ/doc135.pdf First version, July 2019 (application/pdf)
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Persistent link: https://EconPapers.repec.org/RePEc:sad:wpaper:135
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