Macroeconomic policy for full and productive employment and decent work for all: An analysis of the Argentine experience

Abstract

The Argentine experience in the last two decades offers rich evidence about the linkages between macroeconomic policies and the generation of employment and wages. Thus, its analysis may contribute to a better understanding of some central issues involved in the current debates regarding macroeconomic policy design and targets. Specifically, it is an illustrative case to assess to what extent macro policies may either help or hinder the goal of attaining full and productive employment in an emerging market economy. This experience makes it possible to compare two macroeconomic policy frameworks that were implemented for relatively extended time spans and were particularly dissimilar in conception and design as well as in their targets, instruments and institutional environment. Their outcomes in terms of economic growth, inflation, employment generation, wages and income distribution were also markedly different.