UK shocks and Irish business cycles, 1922-79

This article examines the transmission of UK and global shocks to the Irish economy over the period 1922-79, using annual data for consumer prices and real GDP in a structural vector autoregression (SVAR) model. UK aggregate demand and supply shocks have large and significant effects on Irish CPI, but smaller effects on Irish real GDP. A historical decomposition indicates that UK aggregate supply and demand shocks played a more important role than domestic shocks in the evolution of Irish CPI. In contrast, the evolution of Irish real GDP is driven more by idiosyncratic domestic shocks than by UK shocks

Aggregate (composite) · Aggregate demand · Business cycle · Demand shock · Economics · Irish · Macroeconomics · Monetary economics · Monetary policy · Structural vector autoregression · Supply shock · Vector autoregression · Economic Growth and Productivity · Global Financial Crisis and Policies · Monetary Policy and Economic Impact

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