La inflación latente en España: una perspectiva macroeconómica
Luis Alvarez and
Additional contact information
Miguel Sebastian: Universidad Complutense de Madrid
No 9521, Working Papers from Banco de España, Working Papers Homepage
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: E31 C32 (search for similar items in EconPapers)
Pages: 60 pages
References: Add references at CitEc
Citations: View citations in EconPapers (3) Track citations by RSS feed
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9521
Access Statistics for this paper
More papers in Working Papers from Banco de España, Working Papers Homepage Contact information at EDIRC.
Bibliographic data for series maintained by María Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de España ().