DP9961 Money, Interest Rates and Prices in Ireland, 1933-2012

Author(s):	Stefan Gerlach, Rebecca Stuart
Publication Date:	May 2014
Keyword(s):	business cycles, historical statistics, Ireland, long time series, VAR
JEL(s):	E3, E4, N14
Programme Areas:	International Macroeconomics, Economic History
Link to this Page:	cepr.org/active/publications/discussion_papers/dp.php?dpno=9961

In this paper we assemble an annual data set on broad and narrow money, prices, real economic activity and interest rates in Ireland from a variety of sources for the period 1933-2012. We discuss in detail how the data set is constructed and what assumptions we have made in doing so. Furthermore, we perform a VAR analysis to provide some simple empirical evidence on the behaviour of these time series. The results suggest that aggregate supply and inflation shocks play a dominant role in Irish business cycles.