Understanding Spanish dual inflation

Angel Estrada and David Lopez-Salido

No 205, Working Papers from Banco de España

Abstract: 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.

Pages: 17 pages
Date: 2002-01
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Citations: View citations in EconPapers (4)

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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/02/Fic/dt0205e.pdf First version, January 2002 (application/pdf)

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Journal Article: Understanding Spanish dual inflation (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0205

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