La inflación latente en España: una perspectiva macroeconómica

Luis Alvarez and Miguel Sebastian
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Miguel Sebastian: Universidad Complutense de Madrid

No 9521, Working Papers from Banco de España

Abstract: Direct use of price indices does not enable to distinguish changes in relative prices from generalised price rises. Core inflation measures typically entail excluding some components or deriving trend measures. This paper uses a structural VAR with long-run identifying restrictions to arrive at two core measures: latent inflation and permanent inflation. Results for the 1970-1993 period show that inflation dynamics in Spain is strongly inertial and shocks with a permanent effect on output hardly affect inflation. Permanent nominal shocks play a major role in explaining inflation fluctuations.

Keywords: Core inflation; structural VAR; inflation dynamics (search for similar items in EconPapers)
JEL-codes: C32 E31 (search for similar items in EconPapers)
Pages: 60 pages
Date: 1995
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9521

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