Why Have Economic Reforms in Mexico Not Generated Growth?
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This work was undertaken with the support of the National Science Foundation under grant SES-09-62865. The paper was prepared for a mini-symposium in the Journal of Economic Literature on lack of economic growth in Mexico following its economic reforms. The editor, Janet Currie, provided several very helpful suggestions. José Asturias and Sewon Hur provided extraordinary research assistance. We thank Tom Holmes, Ellen McGrattan, Ed Prescott, and Jaime Serra-Puche for helpful discussions. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research. The data used in this paper are available at www.econ.umn.edu/~tkehoe and at www.kimjruhl.com.