Nicolás Cachanosky

  …And when is it just a family feud? Robert Hall coined “freshwater” and “saltwater” in 1976 to describe a split in macroeconomics: the freshwater camp—Chicago, Minnesota, the University of Rochester—building models where markets clear quickly and government intervention mostly just gets in the way; the saltwater camp—MIT, Harvard, Berkeley—building models with sticky prices and […]

A better law is welcome. But if legal text can’t tie a government’s hands, the fix has to be structural, not textual. On August 26, Argentina’s Chamber of Deputies approved a sweeping rewrite of the BCRA’s charter, 144 votes to 102, with 9 abstentions. The bill now moves to the Senate. It would bar the […]

  S&P and Fitch upgraded Argentina. MSCI still won’t even open a review. What is MSCI pricing?   On June 23, MSCI released the results of its 2026 Market Classification Review and, once again, declined to open a consultation on Argentina. This was neither a downgrade nor new restrictions. It was simply a refusal to start the […]

  Reversing populist legacies requires more than winning an election — or changing the policies. It requires rebuilding the institutions that populism spent years dismantling.   Elections end governments. They do not always end what those governments built. A previous post documented how populist rhetoric falls sharply when a populist government leaves office, while the economic and […]

  Elections are supposed to change things. And in one sense, they do: when a populist government loses power, the rhetoric changes almost overnight. The speeches shift in tone, the enemy-of-the-people framing disappears, and international observers breathe a collective sigh of relief. But rhetoric is not policy. And policy, it turns out, is far stickier […]