Inflation has fallen dramatically in countries like Spain and Italy over the last decade, but the rate of increase in … "home good" prices remains stubbornly higher than the rate of increase in "traded good" prices. The paper begins by showing … productivity trends for the consistency of the Maastricht convergence criteria an for the differences in nation inflation rates …

This paper looks at the long term output effect of those monetary policies aimed at reducing inflation from its peak by …. Alternatively to the cross-country regression analysis we estimate a structural VAR model in output, inflation and unemployment. …

This paper studies two aspects of the behaviour of provincial relative prices in Spain: the relevance and the nature of … provincial inflation divergences and relative price shifts. Inflation differentials are found to be small (the range is less than … half point per year in the long-run), but deviations of relative prices from equilibrium can be very persistent. …

orientation of macroeconomic policies - and of monetary policies in particular - to achieving lower inflation rates. This has led … to a move from low inflation to price stability in a number of countries and, in particular, in Spain. The purpose of … from achieving inflation rates which are low enough to be considered consistent with a situation of price stability. …

the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two … as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyse …

general equilibrium model with sticky prices and capital adjustment costs. …

This paper reviews the existing empirical evidence on the short term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers' social security …

We analyse the incidence of endogenous entry and firm TFP-heterogeneity on the response of aggregate inflation to … distribution of firms in Spain. We then compare the inflation response to technology, interest rate and entry cost shocks, among … others. We find that structures in which large (more productive) firms predominate tend to deliver more muted inflation …

The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary effects, with … flexible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the … causality of the oil price by US inflation as is consistent with the theory. …