st: xtreg (Panel fixed effects model): inflation adjustment

[<Per.Stromberg@naturvardsverket.se>]

Hi all, 
 
I am using a fixed effects panel data model,
-xtreg ksum_vyta ebh1 ebh2 pop_dens_kn arblos_kn ink_kn, fe-
, on annual data for a ten year period (across 60 cross section observations). The xtreg, fe model automatically uses year dummies. 

I wonder if these year dummies control for the inflation that occurred during the ten year time period? 
 
Or do I need to adjust all monetary variables for inflation as in time series regressions?
 
I would be very grateful for your advices. 
 
Best regards,
Per Stromberg
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