Disinflation, Output and Unemployment: The Case of Spain

Javier Andrés (), Ignacio Hernando and López-Salido, David

Banco de España Working Papers from Banco de España

Abstract: Taking into account two salient Spanish stylized facts, namely, a persistent disinflationary process and hysteresis in the unemployment, this paper tries to answer the following question: Is a nominal permanent disinflation compatible with short-run unemployment costs but also with long-run output benefits? The answer to this question crucially depends on the way we identify such nominal shocks.

Keywords: UNEMPLOYMENT; INFLATION; GROSS NATIONAL PRODUCT (search for similar items in EconPapers)
JEL-codes: E24 E31 E32 (search for similar items in EconPapers)
Date: 1998

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Persistent link: http://EconPapers.repec.org/RePEc:bde:wpaper:9806

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