Abstract

CALVA, José Luis. México: la estrategia macroeconómica 2001-2006. Promesas, resultados y perspectivas. Prob. Des [online]. 2005, vol.36, n.143, pp.59-87. ISSN 0301-7036.

This article examines the objectives, instruments and results of the macroeconomic strategy applied in Mexico during the government of President Fox. In particular, it analyzes the transmission mechanisms and the effects of a monetary policy aimed exclusively (by reason of the law) at controlling inflation, as well as fiscal policy which -by government decision- has been oriented primarily to supporting the monetary authorities in their disinflationary mission via fiscal balance targets, acting pro-cydically in terms of GDP and employment growth. This shows that the government of President Fox received an economy in recession, lacking the instruments of macroeconomic policy to deal with it. Finally, it is concluded that the gap between the promise of economic growth and the real performance of the Mexican economy during the period 2001-2005 is a natural and predictable consequence of the macroeconomic strategy applied.

Keywords : recession; macroeconomy; monetary policy; fiscal policy; economic growth; Mexican economy.

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