BPEA | Fall 2019

Macri’s macro: The meandering road to stability and growth

Argentina's President Mauricio Macri arrives to sworn-in to office at the Argentine Congress in Buenos Aires, Argentina, December 10, 2015. REUTERS/Andres Stapff - D1AESANISKAA
Editor's note:

This paper is part of the Fall 2019 edition of the Brookings Papers on Economic Activity, the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. Research findings are presented in a clear and accessible style to maximize their impact on economic understanding and policymaking. The editors are Brookings Nonresident Senior Fellow and Northwestern University Professor of Economics Janice Eberly and Brookings Nonresident Senior Fellow and Harvard University Professor of Economics James Stock. Read summaries of all six papers from the journal here.

NOTE: The author’s disclosure statement was updated on September 11, 2019 to reflect his position in government during the period discussed in this paper.


Federico Sturzenegger reviews the various macroeconomic stabilization programs implemented under the Macri presidency, seeking to shed light on what went wrong and what monetary and fiscal policy lessons can be learned from the experience in Argentina.


Sturzenegger, Federico. 2019. “Macri’s Macro: The meandering road to stability and growth.” Brookings Papers on Economic Activity, Fall, 339-436.

Conflict of Interest Disclosure

The author served as Governor of the Central Bank of Argentina from December 2015 until June 2018 and is currently Professor of Economics at Universidad de San Andrés and an advisor for Latus View, an investment firm. Beyond these affiliations, the author did not receive financial support from any firm or person for this paper or from any firm or person with a financial or political interest in this paper. He is currently not an officer, director, or board member of any organization with an interest in this paper. No outside party had the right to review this paper before circulation. The views expressed in this paper are those of the author, and do not necessarily reflect those of Universidad de San Andrés or Latus View.