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Understanding Spanish dual inflation

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Author Info

  • Ángel Estrada

    ()
    (Banco de España)

  • J. David López-Salido

    ()
    (Banco de España and CEPR)

Abstract

We explore the implications of the differential behavior of total factor productivity across sectors for understanding the dynamics of the relative prices of services and manufactures. We find that, in the second half of the nineties, contrary to the assumptions of the Balassa-Samuelson hypothesis, the relative evolution of the markups of the services and manufacturing sectors has been a key determinant of what we refer to as Spanish dual inflation. (Copyright: Fundación SEPI)

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File URL: ftp://ftp.fundacionsepi.es/InvEcon/paperArchive/Ene2004/v28i1a5.pdf
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Bibliographic Info

Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 28 (2004)
Issue (Month): 1 (January)
Pages: 123-140

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Handle: RePEc:iec:inveco:v:28:y:2004:i:1:p:123-140

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Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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Related research

Keywords: Inflation; productivity; markups;

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References

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  1. Rabelo, S., 1992. "Inflation in Fixed Exchange Rate Regimes: The Recent Portuguese Experience," Papers 517, Stockholm - International Economic Studies.
  2. Rotemberg, Julio J. & Woodford, Michael, 1999. "The cyclical behavior of prices and costs," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 16, pages 1051-1135 Elsevier.
  3. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
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Citations

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Cited by:
  1. M. Angeles Caraballo & Carlos Usabiaga, 2009. "The relevance of supply shocks for inflation: the spanish case," Applied Economics, Taylor & Francis Journals, vol. 41(6), pages 753-764.
  2. Andrés, Javier & Ortega, Eva & Vallés, Javier, 2008. "Competition and inflation differentials in EMU," Journal of Economic Dynamics and Control, Elsevier, vol. 32(3), pages 848-874, March.
  3. Diego Romero-�vila & Carlos Usabiaga, 2012. "Disaggregate evidence on Spanish inflation persistence," Applied Economics, Taylor & Francis Journals, vol. 44(23), pages 3029-3046, August.
  4. Martín-Moreno, José M. & Pérez, Rafaela & Ruiz, Jesús, 2014. "A real business cycle model with tradable and non-tradable goods for the Spanish economy," Economic Modelling, Elsevier, vol. 36(C), pages 204-212.
  5. José Mª Martín Moreno & Jesús Ruiz, . "Bienes comerciables y no comerciables en la economía española: Un enfoque de ciclo real," Studies on the Spanish Economy 206, FEDEA.

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