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Public finances and inflation: the case of Spain

Listed author(s):
  • Pablo Hernández de Cos

    ()

    (Banco de España)

  • Samuel Hurtado

    ()

    (Banco de España)

  • Francisco Martí

    ()

    (Banco de España)

  • Javier J. Pérez

    ()

    (Banco de España)

We empirically explore the influence of inflation on fiscal variables in the short, medium and long run, for the case of the Spanish economy, in particular to draw policy lessons for the design of the ongoing process of rebalancing of fiscal accounts. We focus on this topic through the lenses of: (i) the government budget constraint, to assess the influence of inflation on changes in public debt; (ii) accounting decompositions of nominal revenue and expenditure items into their real and price parts; (iii) a large-scale macroeconometric model that contains a detailed fiscal policy block; and (iv) a long-run accounting model on pension expenditure

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/16/Fich/do1606e.pdf
File Function: First version, September 2016
Download Restriction: no

Paper provided by Banco de España & Occasional Papers Homepage in its series Occasional Papers with number 1606.

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Length: 28 pages
Date of creation: Sep 2016
Handle: RePEc:bde:opaper:1606
Contact details of provider: Web page: http://www.bde.es/

Web page: http://www.bde.es/bde/en/secciones/informes/Publicaciones_se/Documentos_Ocasi/
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  1. Olympia Bover, 2011. "The Spanish survey of household finances (eff): description and methods of the 2008 wave," Occasional Papers 1103, Banco de España;Occasional Papers Homepage.
  2. Olympia Bover, 2008. "The Spanish Survey of Household Finances (EFF): description and methods of the 2005 wave," Occasional Papers 0803, Banco de España;Occasional Papers Homepage.
  3. Olympia Bover, 2008. "Oversampling of the wealthy in the Spanish Survey of Household Finances (EFF)," IFC Bulletins chapters,in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 399-402 Bank for International Settlements.
  4. Sarai Criado & Adrian van Rixtel, 2008. "Structured finance and the financial turmoil of 2007-2008: and introductory overview," Occasional Papers 0808, Banco de España;Occasional Papers Homepage.
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