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El impacto de la puesta en circulación del euro sobre los precios de consumo


  • Luis J. Álvarez

    () (Banco de España)

  • Pilar Cuadrado Salinas

    () (Banco de España)

  • Javier Jareño

    () (Banco de España)

  • Isabel Sánchez García

    () (Banco de España)


The introduction of euro banknotes and coins in Spain on January 2002 led to the conversion into euros of peseta denominated prices. The changeover should have been neutral with respect to price levels, although some factors, such as menu costs, overhead costs or use of attractive prices, led to an upward impact on prices and a transitory increase in inflation. This paper analyses the changeover using available information on consumer prices. It is found that the inflationary impact of the introduction of the euro was limited, transitory and smaller than perceived by consumers.

Suggested Citation

  • Luis J. Álvarez & Pilar Cuadrado Salinas & Javier Jareño & Isabel Sánchez García, 2004. "El impacto de la puesta en circulación del euro sobre los precios de consumo," Occasional Papers 0404, Banco de España;Occasional Papers Homepage.
  • Handle: RePEc:bde:opaper:0404

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    File Function: First Spanish version, August 2004
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    Cited by:

    1. Paolo Del Giovane & Roberto Sabbatini, 2006. "Perceived and Measured Inflation after the Launch of the Euro: Explaining the Gap in Italy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 65(2), pages 155-192, November.
    2. Tomasz Łyziak, 2009. "Is Inflation Perceived by Polish Consumers Driven by Prices of Frequently Bought Goods and Services?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 51(1), pages 100-117, March.

    More about this item


    Euro cash changeover; perceived inflation; attractive prices;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General


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