Understanding Spanish dual inflation
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)
Volume (Year): 28 (2004)
Issue (Month): 1 (January)
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References listed on IDEAS
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- Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
- Rabelo, S., 1992. "Inflation in Fixed Exchange Rate Regimes: The Recent Portuguese Experience," Papers 517, Stockholm - International Economic Studies.
- Julio J. Rotemberg & Michael Woodford, 1999.
"The Cyclical Behavior of Prices and Costs,"
NBER Working Papers
6909, National Bureau of Economic Research, Inc.
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