On the Evolution of Relative Prices and Its Nature at the Regional Level: The Case of Spain
研究了西班牙区域层面相对价格变动的相关性和性质，发现偏差虽小但持久，主要由国家层面的工资机制决定，与跨国证据形成对比，对理解欧洲货币联盟内的价格分化有参考价值。
This paper studies the relevance and nature of shifts in relative prices at the regional level in Spain. Deviations in relative prices tend to be small (at most half a point of inflation annually) but persistent. They are determined by features intrinsic to deep economic integration, in particular, wage mechanisms operating at the national level. This is in stark contrast to evidence at the international level. Therefore, while acknowledging that divergent price evolutions are possible in the European Monetary Union, their nature will be different from those observed among Spanish regions.