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.

中文翻译：

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Macri的宏：通向稳定与增长的难以捉摸的道路

本文回顾了Macri政府在2015年至2019年期间实施的各种宏观经济稳定计划。在最初取得成功后，每个计划由于财政占主导地位的一种独特形式而被终止：因为养老金的编制存在滞后性，并且代表了支出的很大一部分。 ，迅速的混乱会危及财政整顿。因此，在财政方面缺乏进展是宏观经济稳定目标仍然难以实现的根本原因。