Understanding Spanish dual inflation

Angel Estrada and David Lopez-Salido

Investigaciones Economicas, 2004, vol. 28, issue 1, 123-140

Abstract: We explore the implications of the differential behavior of total factor productivity across sectors for understanding the dynamics of the relative prices of services and manufactures. We find that, in the second half of the nineties, contrary to the assumptions of the Balassa-Samuelson hypothesis, the relative evolution of the markups of the services and manufacturing sectors has been a key determinant of what we refer to as Spanish dual inflation. (Copyright: Fundación SEPI)

Keywords: Inflation; productivity; markups (search for similar items in EconPapers)
JEL-codes: D24 D43 E31 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (11)

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