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Macri´s Macro: The meandering road to stability and growth

Federico Sturzenegger

No 135, Working Papers from Universidad de San Andres, Departamento de Economia

Abstract: 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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Downloads: (external link) First version, July 2019 (application/pdf)

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