Alvarez, Luis Julian; Jareño, Javier; Sebastian, Miguel - Banco de España - 1993
than that of wages. Interest rates and social securty contributions are also considered. We find that public sector wages … sector wages play a minor role. The explanatory power on inflation of exchange rate movements is considerably less important … the 1964-1991 period. Using a vector autoregression, we find that private sector wages explain inflation and that public …