2004
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Investigaciones Económicas
Ángel Estrada et al., « UNDERSTANDING SPANISH DUAL INFLATION », Investigaciones Económicas, ID : 10670/1.fch18g
"We explore the implications of the di��erential behavior of total factor productivityacross sectors for understanding the dynamics of the relative prices ofservices and manufactures. We find that, in the second half of the nineties,contrary to the assumptions of the Balassa-Samuelson hypothesis, the relativeevolution of the markups of the services and manufacturing sectors has beena key determinant of what we refer to as Spanish dual inflation."