Macri's Macro: The Elusive Road to Stability and Growth
回顾了2015至2019年马克里政府实施的多个宏观经济稳定计划，指出由于养老金指数化滞后且占支出比重高，快速去通胀会破坏财政巩固，导致稳定目标难以实现。
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.