makrotaso

Makrotaso is a term used in some economic discussions to denote a state of macroeconomic stability in which inflation, output, and employment exhibit low volatility and follow a relatively steady path over time. It is a descriptive concept rather than a formal, universally adopted model, and its exact definition varies by author.

Origins and usage: The term emerged in regional economic literature in Southeast Asia during the early 2010s and is used mainly in policy debates and academic papers to describe periods of perceived stability. It is not part of the standard mainstream macroeconomic canon.

Concept and mechanics: Proponents contend that Makrotaso arises when policy frameworks—especially credible monetary policy and rules-based fiscal stance—anchor expectations, reduce financial frictions, and allow productivity improvements to unfold without generating inflationary pressures. In this view, real variables move along a stable growth path with moderate unemployment, and nominal variables show limited volatility.

Evaluation: Critics note that the concept lacks precise measurement and can be used variably, risking circular reasoning if used to justify policy inertia. Empirical support is mixed and often contingent on external factors such as global demand, commodity prices, and financial conditions.

See also: macroeconomic stability, inflation targeting, business cycle, fiscal policy, monetary policy.