On December 11, the Deputy Governor of the BCRA, Vladimir Werning, presented the “Stabilization Agenda in Three Stages: Outcomes and Perspectives One Year After Its Launch” during the 30th anniversary celebration of the Economics Department and ceremony for Honorary Doctorate Thomas J. Sargent at Universidad Torcuato Di Tella (UTDT).
AGENDA
I. Analysis of the Economic Stabilization Agenda
Good News (General Equilibrium As a Guide) and Bad News (Lack of Credibility As a Legacy)
1 | The key to macroeconomic rebalancing: Consistency (fiscal, monetary, and foreign exchange) and sequencing (3 stages)
2 | General equilibrium outcomes: Lower inflation and increased activity
3 | The dividends of rebuilding reliability: Economic remonetization and savings repatriation
4 | The benefits of capitalizing the BCRA: Recovery of monetary policy tools
II. Ceremony for Honorary Doctorate Thomas J. Sargent at UTDT
Argentina: A Case of the Terminal Stage of Fiscal Dominance over Monetary Policy (Reversing at Present)
1 | Excessive and unbearable monetarist arithmetic until 2023: Fiscal dominance (compound) + foreign exchange dominance + banking dominance over monetary policy
2 | Reversing the terminal stage of fiscal dominance from 2024: A worse legacy than in 1989 (BCRA asset-to-liability ratio) without the consequences of 1989 (hyperinflationary outbreak)
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December 13, 2024