Prices, markups and wages: inflation and its distributive consequences in Spain, 2021-2023

IF 5 2区 经济学 Q1 ECONOMICS
Jorge Uxó , Eladio Febrero , Ignacio Álvarez
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引用次数: 0

Abstract

This article analyses the recent inflationary experience in Spain (2021-2023), focusing on the functional income distribution, the evolution of markups and real wages, and the economic policies implemented. We rely on the conflict theory of inflation and touch upon recent debates on of sellers' inflation. Using the Observatory of Firms’ Margins, we confirm an increase in aggregate markups. Nevertheless, the main factor explaining price increases is firms' pass-through of higher input costs to protect their profits. The direct effect of markup increases has been quantitatively less important, and that of unit labour costs negligible. Therefore, inflation has had huge distributional consequences and there is space for non-inflationary wage increases. While fiscal and regulatory measures have effectively curbed the inflation rate having an expansive effect, restrictive monetary policy is inappropriate and costly.
物价、加价和工资:2021-2023年西班牙通胀及其分配后果
本文分析了西班牙近期(2021-2023)的通胀经验,重点关注功能性收入分配、加价和实际工资的演变以及实施的经济政策。我们依靠通货膨胀的冲突理论,并触及最近关于卖方通货膨胀的争论。利用企业利润率观察站,我们确认了总利润率的增加。然而,解释价格上涨的主要因素是企业将更高的投入成本传递出去以保护其利润。在数量上,加价的直接影响不那么重要,单位劳动力成本的直接影响可以忽略不计。因此,通货膨胀产生了巨大的分配后果,而且存在非通货膨胀性工资增长的空间。财政和调控措施有效抑制了通货膨胀率,具有膨胀效应,但限制性货币政策不合适,代价高昂。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
9.60
自引率
4.90%
发文量
159
期刊介绍: Structural Change and Economic Dynamics publishes articles about theoretical, applied and methodological aspects of structural change in economic systems. The journal publishes work analysing dynamics and structural breaks in economic, technological, behavioural and institutional patterns.
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