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Understanding Spanish dual inflation

  • Ángel Estrada

    ()

    (Banco de España)

  • J. David López-Salido

    ()

    (Banco de España)

We explore the implications of the differential behavior of total factor productivity across sectors to understand the dynamics of the relative prices of services to manufacturing sectors. We find that contrary to the predictions of the Balassa-Samuelson hypothesis, the evolution of relative markups between services and manufacturing sectors has been a key determinant of recent Spanish dual inflation.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/02/Fic/dt0205e.pdf
File Function: First version, January 2002
Download Restriction: no

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0205.

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Length: 17 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:bde:wpaper:0205
Contact details of provider: Web page: http://www.bde.es/
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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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