Dolado, Juan J.; López-Salido, J David; Vega, Juan Luis - C.E.P.R. Discussion Papers - 1996
This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964–95 in order to estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as a structural (albeit eclectic) one. In so doing, we...