precios y salarios en décadas recientes, tales como la menor sensibilidad cíclica de la inflación a la holgura económica …

Los autores presentan evidencia sobre el ajuste de la Nueva Curva de Phillips para el area del euro durante el periodo … 1970-1998. Utilizan esta evidencia para comparar las caracteristicas dinamicas de la inflacion en el area del euro y en … de los principales componentes de los costes marginales : la productividad del trabajo y los salarios reales. Entre los …

changes in the wage growth rate in Spain and in the euro area during the current upturn. In both cases, the results show that …. For the euro area, another significant factor is low productivity growth, in contrast to other similar phases of the …

, household consumption has been more robust in Spain than in the main euro area countries. Spanish goods exports to Germany …/the euro area have been notably resilient, despite the weakness of these economies. Nonetheless, much of the economic growth in … higher unit labour costs. Spain’s economic growth in recent decades has not been sufficient to achieve convergence with euro …

as possible spillover effects within the euro area. All in all, spillover effects are relatively small. …