出版社：European Commission Directorate-General for Economic and Financial Affairs
摘要：Persistent inflation differentials in a monetary union, unless associated with Balassa-
Samuelson effects, may end up affecting competitiveness in the tradable sector in
the medium term and jeopardising real convergence. This could be the case in
Spain, which still records inflation rates above the euro area average, despite having
made significant progress in the last decade.
Apart from differences in the cyclical position and in the monetary stance, inflation
differentials are explained to a large extent by malfunctioning goods and labour
markets and, in particular, by an insufficient degree of competition in some sheltered
sectors. Mark-ups in the non-tradable sector play a prominent role in explaining
higher inflation rates in Spain compared to the euro area.
