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El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México
[New Consensus Macroeconomics and the mediocrity of economic growth in Mexico]

Author

Listed:
  • Carrasco, Carlos A.

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.

Suggested Citation

  • Carrasco, Carlos A., 2013. "El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México [New Consensus Macroeconomics and the mediocrity of economic growth in Mexico]," MPRA Paper 53391, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53391
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    References listed on IDEAS

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    More about this item

    Keywords

    Mexico; macroeconomic policy; New Consensus Macroeconomics; economic growth;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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