Carrasco, Carlos A. (2013): El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México.
Preview |
PDF
MPRA_paper_53391.pdf Download (375kB) | Preview |
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.
Item Type: | MPRA Paper |
---|---|
Original Title: | El Nuevo Consenso Macroeconómico y la mediocridad del crecimiento económico en México |
English Title: | New Consensus Macroeconomics and the mediocrity of economic growth in Mexico |
Language: | Spanish |
Keywords: | Mexico, macroeconomic policy, New Consensus Macroeconomics, economic growth |
Subjects: | E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy F - International Economics > F6 - Economic Impacts of Globalization > F63 - Economic Development N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations > N16 - Latin America ; Caribbean |
Item ID: | 53391 |
Depositing User: | Doctor Carlos A. Carrasco |
Date Deposited: | 06 Feb 2014 11:47 |
Last Modified: | 27 Sep 2019 06:27 |
References: | Angeriz, Álvaro. y Arestis, Philip, “The consensus view on interest rates and fiscal policy: reality or innocent fraud?”, en Journal of Post Keynesian Economics, vol. 31, núm. 4, Summer 2009, pp. 567-586. Angeriz, Álvaro y Arestis, Philip, “Assessing the Performance of ‘Inflation Targeting Lite’ Countries”, en The World Economy, vol. 30, 2007a, pp. 1621-1645. Angeriz, Álvaro y Arestis, Philip, “Monetary policy in the UK”, en Cambridge Journal of Economics, vol. 31, 2007b, pp. 863-884. Angeriz, Álvaro y Arestis, Philip, “Assessing Inflation Targeting Through Intervention Analysis” en Oxford Economic Papers, vol. 60, 2008, pp. 293-317. Arestis, Philip, “The New Consensus in Macroeconomics” en Fontana, Giusseppe y Setterfield, M. (eds), Macroeconomic Theory and Macroeconomic Pedagogy, UK, Houndmills, Palgrave Macmillan, pp. 100-117. Arestis, Philip y Sawyer, Malcolm, Re-examinig Monetary and Fiscal Policy for the 21st Century, UK, Edward Elgar Publishing Limited. Ball, Laurence y Sheridan, Niamh, “Does inflation targeting matter?” en Bernanke, Ben S. and Woodford, M. (Eds) The Inflation-Targeting Debate, Chicago, University of Chicago Press. Blanchard, Oliver, “The State of Macro”, en Annual Review of Economics, vol, 1, 2009: pp. 209-228. Brito, Ricardo D. y Bystedt, Brianne, “Inflation targeting in emerging economies: Panel evidence”, en Journal of Development Economics, vol. 91, 2010, pp. 198-210. Capistrán, Carlos y Ramos-Francia, Manuel, “Inflation dynamics in Latin America”, en Contemporary Economic Policy, vol. 27, 2009, pp. 349-362. Capistrán, Carlos y Ramos-Francia, Manuel, “Does Inflation Targeting Affect the Dispersion of Inflation Expectations?”, en Journal of Money, Credit and Banking, vol. 42, núm. 1, 2010, pp. 113-134. Carrasco, Carlos A. y Ferreiro, Jesús, “Inflation Targeting and Economic Performance: The Case of Mexico”, en Panoeconomicus, vol. LVIII, núm. 5, Special Issue, 2011, pp. 675-692. Carrasco, Carlos A. y Ferreiro, Jesús, “Inflation Targeting and Inflation Expectations in Mexico”, en Applied Economics, vol. 45, núm. 23, 2013a, pp. 3295-3304. Carrasco, Carlos A. y Ferreiro, Jesús, “Inflation Targeting in Mexico”, en Journal of Post Keynesian Economics, vo. 35, núm. 3, 2013b, pp. 341-372. Castillo Ponce, Ramón A. y García Meneses, Erika, “El Impacto de la Deuda Externa Pública sobre la Inversión Privada en México: Un Análisis de Co-integración”, en Estudios Fronterizos, vol. 8, núm. 15, enero-junio, 2007, pp. 99-119. Castillo Ponce, Ramón A. y Herrera Hernández, Jorge, “Efecto del Gasto Público sobre el Gasto Privado en México”, en Estudios Económicos, vol. 2, núm. 20, 2005, pp. 173-196. Clarida, Richard.; Galí, Jordi y Gertler, Mark, “Optimal Monetary Policy in Open versus Closed Economies: An Integrated Approach”, en American Economic Review. Papers and Proceedings, 2001, pp. 248-252. Clarida, Richard.; Galí, Jordi y Gertler, Mark, “The Science of Monetary Policy: A New Keynesian Perspective”, en Journal of Economic Literature, vol. XXXVII, Diciembre, 1999, pp. 1661-1707. Clark, Todd E. y Nakata, Taisuke, “Has the Behavior of Inflation and Long-Term Inflation Expectations Changed?”, en Economic Review, Federal Reserve Bank of Kansas City, 1st Quarter, 2008, pp. 17-50. Crowe, Christopher, “Testing the transparency benefits of inflation targeting: Evidence from private sector forecasts”, en Journal of Monetary Economics, vol. 57, 2010, pp. 226-232. Cuadra, Gabriel; Sanchez, Juan M.; Sapriza, Horacio, “Fiscal policy and default risk in emerging markets”, en Review of Economic Dynamics, vol. 13, 2010, pp. 452-469. Demirel, Ufuk D., “Macroeconomic stabilization in developing economies: Are optimal policies procyclical?”, en European Economic Review, vol. 54, 2010, pp. 409-428. Esquivel, Gerardo, “De la inestabilidad macroeconómica al estancamiento estabilizador: el papel del diseño y conducción de la política económica” en Lustig, N (coor): IX Crecimiento económico y equidad, serie Los grandes problemas de México, El Colegio de México, 2010, pp. 35-77. Fontana, Giusseppe, “Whither New Consensus Macroeconomics? The role of government and fiscal policy in modern macroeconomics”, en Working Paper. 563, The Levy Economics Institute of Bard College, 2009. Frankel, Jeffrey A., “What’s In and Out in global money” en Finance & Development, vol. 46, 2009, pp. 13-17. Ghosh, Atish R. and Ostry, Jonathan D., “Choosing an exchange rate regime”, en Finance & Development, vol. 46, 2009, pp. 38-40. Goodfriend, Marvin, “How the world achieve consensus on monetary policy”, en Journal of Economic Perspectives, vol. 21, núm.4, 2007, pp. 47-68. Goodfriend, Marvin y King, Robert G., “The New Neoclassical Synthesis and the Role of Monetary Policy”, en Working Papers Series WP98-05, the Federal Reserve Bank of Richmond, 1997. Gürkaynak, Refet S.; Levin, Aandrew T. y Swanson, Eric T., “Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K., and Sweden” en Working Paper No. 2006-09, Federal Reserve Bank of San Francisco, 2006. Haber, Stephen 2009, “Why Banks Do Not Lend: The Mexican Financial System”, en Levy, Santiago and Walton, M. (eds) No Growth without Equity? Inequality, Interests and Competition in Mexico, Houndmills, U.K. and New York: Palgrave Macmillan; Washington, D.C.: World Bank, 2009, pp. 283-320. Hanson, Gordon H., “Why Isn’t Mexico Rich”, en Journal of Economic Literature, vol. 48, núm. 4, 2010, pp. 987-1004. Heilbroner, Robert y Milberg, William, Crisis de visión en el pensamiento económico moderno. Ed. Paidos, España, 1996. Heston, Alan, Summers, Robert y Aten, Bettina, Penn World Table 7.1, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, 2012. Ibarra, Carlos A., “Exporting without growing: Investment, real currency appreciation, and export-led growth in Mexico”, en The Journal of International Trade & Economic Development, vol. 19, núm. 3, 2010, pp. 439-464. Lächler, Ulrich y Aschauer, David A., “Public Investment and Economic Growth in Mexico”, en Policy Research Working Paper, núm. 1964, World Bank, 1998. Levin, Andrew T., Natalucci, Fabio M. and Piger, Jeremy M., “The macroeconomic effects of inflation targeting”, en Federal Reserve Bank of St. Louis Review, vol. 86, núm. 4, 2004, pp. 51-80. López Arévalo, Jorge A. and Rodil Marzábal, O., “Comercio intra-industrial e intra-firma en México en el proceso de integración de América del Norte (1993-2006)”, en EconomiaUNAM, vol. 5, núm. 13, 2008, pp. 86-112. Mankiw, N. Gregory, “The Macroeconomist as Scientist and Engineer”, en Journal of Economic Perspectives, vol. 20, núm. 4, 2006, pp. 29-46. McDermott, John and McMenamin, Peter, “Assessing Inflation targeting In Latin America with a DSGE Model”, en Central Bank of Chile Working Paper, núm. 469, 2008. Noriega, Antonio y Fontenla, Matias, “La Infraestructura y el Crecimiento Económico en México”, en Trimestre Económico, vol. LXXIV, núm. 296, 2007, pp. 885-900. Ostrom, Elinor. y Basurto, Xavier, “Crafting analytical tools to study institutional change”, en Journal of Institutional Economics, vol. 7, núm. 3, septiembre, 2011, pp. 317-343. Ros, Jaime, “La Desaceleración del Crecimiento Económico en México desde 1982”, en Trimestre Económico, vol. LXXV, 3, núm. 299, 2008, pp. 537-560. Sawyer, Malcolm, “Fiscal and interest rate policies in the ‘new consensus’ framework: a different perspective”, en Journal of Post Keynesian Economics, vol. 31, núm. 4, 2009, pp. 549-565. Schumpeter, Joseph A. Historia del Análisis Económico. Ed. Ariel, 2ª Ed. en castellano, España, 1982 [1955]. Sotomayor, Maritza, “Medición del comercio intraindustrial no maquilador en México”, en Investigación Económica, vol. LXVIII, núm. 268, abril-junio, 2009, pp. 39-68. Svensson, Lars .E.O., “Inflation targeting”, en Friedman, Benjamin M. y Woodford, M. (eds) Handbook in Monetary Economics, vol. 3B, North-Holland, Amsterdam, 2011, pp. 1237-1302. Taylor, John B., “The Explanatory Power of Monetary Policy Rules”, en NBER-Working Papers, WP 13685, 2007. Walsh, Carl E., “Inflation targeting: what have we learned?” en International Finance, vol. 12, núm. 2, 2009, pp. 195-233. Willard, Luke B. “Does inflation targeting matter? A reassessment”, en Applied Economics, vol. 44, 2012, pp. 2231-2244. Woodford, Michael, “Convergence in macroeconomics: elements of the New Synthesis”, en American Economic Journal: Macroeconomics, vol. 1, núm. 1, 2009, pp. 267-279. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/53391 |