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

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  • Federico Sturzenegger

    (Universidad de San Andres)

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.

Suggested Citation

  • Federico Sturzenegger, 2019. "Macri's Macro: The Elusive Road to Stability and Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(2 (Fall)), pages 339-436.
    • Handle: RePEc:bin:bpeajo:v:50:y:2019:i:2019-02:p:339-436
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    File URL: https://www.brookings.edu/articles/macris-macro-the-meandering-road-to-stability-and-growth/
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