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|z 9781451852868
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|a Sobczak, Nicolas.
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|a Disinflation in Spain :
|b The Recent Experience /
|c Nicolas Sobczak.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper investigates the causes of the recent disinflation in Spain. A standard Phillips curve model is used to disentangle the contributions of three possible shocks: an adverse demand shock that raises unemployment, a positive supply shock resulting from relative price adjustments or structural improvements in the labor market, and a credibility shock that lowers inflationary expectations. The main element underlying Spain's recent disinflation appears to be a fall in inflation expectations, thanks to the country's commitment to participate in Economic and Monetary Union from the start, and policy actions geared to that end.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1998/106
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/106/001.1998.issue-106-en.xml
|z IMF e-Library
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