Resumen

MARTIN-MORENO, José María. ¿Puede la política fiscal ayudar alcanzar la convergencia de la inflación? La experiencia española. El trimestre econ [online]. 2008, vol.75, n.297, pp.83-107.  Epub 20-Nov-2020. ISSN 2448-718X.

Dual inflation takes place when price increases in non tradable goods are higher than those of tradable goods. In this paper, we develop a simple model where public spending has a positive externality on the production of both sectors. The main results suggested by the paper are the following: i) An increase in non-productive public spending does not generate dual inflation, as the usual Balassa-Samuelson result states; ii) An increase in productive public spending rises the productivity of both sectors and this can result in dual inflation, dual deflation or no effect on prices; and, iii) Dual inflation only takes place when productive public spending has a higher effect on the technology of the tradable sector than on the non-tradable one, as illustrated making use the Spanish data.

Palabras llave : inflación dual; gasto público productivo; competitividad.

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