Rationale Inflation has risen continuously since December 2020. The increase was initially confined to the energy component, but has subsequently spread to food and the other components. It is important to understand the extent to which the spread of inflation is the result of higher energy...

This paper presents the Banco de España’s reference framework for the analysis of macroeconomic and financial risk, and the impact of the materialisation of this risk on financial stability and the real economy. The framework encompasses a broad set of empirical and theoretical models and...

Rationale The last year has seen growing demand for healthcare services, but the causes of this increase, and how persistent it will be, are as yet uncertain. Should these dynamics prove to be long-lasting and associated with a prolonged deterioration in the general health of the Spanish...

Este documento presenta el marco de referencia del Banco de España para el análisis del impacto de la materialización de riesgos macroeconómicos y financieros sobre la actividad real y la estabilidad financiera. Este marco incluye un amplio conjunto de modelos y métodos, tanto empíricos...

This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries infl ation into country-specific (idiosyncratic) and region-wide (common) components. To do so, we propose a flexible empirical framework that is based on dynamic factor models subject to...

La traslación del tipo de cambio (ERPT, por sus siglas en inglés) a los precios de importación y consumo en la Unión Europea es, en términos agregados, menor que en los años 90 y tiene un comportamiento no lineal. Estimaciones agregadas de una traslación pequeña a los precios al consumo...

Artículo de revista ; The forecasting of macroeconomic variables is an important task of the Banco de España for the satisfactory monitoring of the economic situation. Macroeconomic projections are made by combining various econometric models with expert judgement. This article compares the...

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Artículo de revista

Artículo de revista ; La autora revisa la evidencia empirica en las dos ultimas decadas de las tasas de inflacion para España, Alemania, Italia y Francia, descomponiendo la evolucion de los precios relativos entre comerciables y no comerciables en la evolucion relativa de los margenes, costes...