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La inflación latente en España: una perspectiva macroeconómica

Author

Listed:
  • Luis J. Álvarez

    (Banco de España)

  • Miguel Sebastian

    (Universidad Complutense de Madrid)

Abstract

Direct use of price indices does not enable to distinguish changes in relative prices from generalised price rises. Core inflation measures typically entail excluding some components or deriving trend measures. This paper uses a structural VAR with long-run identifying restrictions to arrive at two core measures: latent inflation and permanent inflation. Results for the 1970-1993 period show that inflation dynamics in Spain is strongly inertial and shocks with a permanent effect on output hardly affect inflation. Permanent nominal shocks play a major role in explaining inflation fluctuations.

Suggested Citation

  • Luis J. Álvarez & Miguel Sebastian, 1995. "La inflación latente en España: una perspectiva macroeconómica," Working Papers 9521, Banco de España.
    • Handle: RePEc:bde:wpaper:9521
    as

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    Citations

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    Cited by:

    1. Martínez, J. Manuel & Espasa, Antoni, 1998. "La demanda de importaciones españolas. Un enfoque VECM desagregado," DES - Documentos de Trabajo. Estadística y Econometría. DS 3662, Universidad Carlos III de Madrid. Departamento de Estadística.
    2. Luis J. Álvarez & María de los Llanos Matea, 1999. "Underlying Inflation Measures in Spain," Working Papers 9911, Banco de España.
    3. Ángel Estrada & Ignacio Hernando & J. David López-Salido, 2000. "Measuring the NAIRU in the Spanish Economy," Working Papers 0009, Banco de España.

    More about this item

    Keywords

    Core inflation; structural VAR; inflation dynamics;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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