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[number or issue] és un butlletí de (2006-)| Títol : | No. 02 - Dec. 2006 - Explaining inflation differentials between Spain and the Euro Area | | Tipus de document : | text imprès | | Autors : | Pau Rabanal, Autor | | Data de publicació : | 2006 | | Nombre de pàgines : | 27 p. | | ll. : | il. col., gràf. | | Dimensions : | 29 cm | | Nota general : | També disponible en versió electrònica
Inclou bibliografia | | Idioma : | Anglès (eng) | | Matèries : | Inflació -- Espanya
Inflació -- Europa
| | Classificació : | 014 Política monetària | | Resum : | This paper investigates the behavior of inflation differentials between Spain and the rest of the euro area member countries. Cross country studies of inflation differentials, and in particular in the EMU, have focused on three explanations: (i) the role of tradable and nontradable sector productivity improvements, and the Balassa-Samuelson effect, (ii) the role of the demand-side effects, and (iii) heterogeneity of inflationary processes inside the EMU. First, the paper documents that, during the 2002-2006 period, inflation differentials in the tradable goods sector have been driving the inflation differentials in the headline HICP inflation. Second, the paper uses the estimates of a two country, two sector Dynamic Stochastic General Equilibrium (DSGE) model with nominal rigidities in a currency union using data for Spain and the euro area, to understand the role of each feature in shaping inflation differentials. The paper finds that fluctuations in productivity improvements in the tradable sector are the most important source of headline HICP inflation differentials. Demand shocks help explain a fraction of output growth, but not of inflation dispersion. In addition, the estimated model finds no evidence that inflation dynamics are different in Spain and in the rest of the euro area. | | Enllaç al recurs electrònic : | http://lacaixaresearch.com/documents/10180/53163/ep02_eng.pdf/86530b67-6ce0-4091 [...] | | Format del recurs electrònic : | Accés lliure | | Permalink : | https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id |
[number or issue] és un butlletí de (2006-)No. 02 - Dec. 2006 - Explaining inflation differentials between Spain and the Euro Area [text imprès] / Pau Rabanal, Autor . - 2006 . - 27 p. : il. col., gràf. ; 29 cm. També disponible en versió electrònica
Inclou bibliografia Idioma : Anglès ( eng) | Matèries : | Inflació -- Espanya
Inflació -- Europa
| | Classificació : | 014 Política monetària | | Resum : | This paper investigates the behavior of inflation differentials between Spain and the rest of the euro area member countries. Cross country studies of inflation differentials, and in particular in the EMU, have focused on three explanations: (i) the role of tradable and nontradable sector productivity improvements, and the Balassa-Samuelson effect, (ii) the role of the demand-side effects, and (iii) heterogeneity of inflationary processes inside the EMU. First, the paper documents that, during the 2002-2006 period, inflation differentials in the tradable goods sector have been driving the inflation differentials in the headline HICP inflation. Second, the paper uses the estimates of a two country, two sector Dynamic Stochastic General Equilibrium (DSGE) model with nominal rigidities in a currency union using data for Spain and the euro area, to understand the role of each feature in shaping inflation differentials. The paper finds that fluctuations in productivity improvements in the tradable sector are the most important source of headline HICP inflation differentials. Demand shocks help explain a fraction of output growth, but not of inflation dispersion. In addition, the estimated model finds no evidence that inflation dynamics are different in Spain and in the rest of the euro area. | | Enllaç al recurs electrònic : | http://lacaixaresearch.com/documents/10180/53163/ep02_eng.pdf/86530b67-6ce0-4091 [...] | | Format del recurs electrònic : | Accés lliure | | Permalink : | https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id |
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