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

CFS Working Paper No. 513

36 Pages Posted: 22 Sep 2015

See all articles by Stefan Gerlach

Stefan Gerlach

Central Bank of Ireland; Centre for Economic Policy Research (CEPR)

Rebecca Stuart

Central Bank of Ireland

Date Written: July 27, 2015

Abstract

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 to do so. Furthermore, we estimate a simple SVAR model to provide some empirical evidence on the behaviour of these time series. Money supply shocks appear to be the most important drivers of both money and prices. Interest rate shocks, which capture monetary policy, play an important role driving output and, of course, interest rates. The GDP shocks, which raise prices, seem of less importance.

Keywords: Ireland, historical statistics, long time series, business cycles, SVAR

JEL Classification: E3, E4, N14

Suggested Citation

Gerlach, Stefan and Stuart, Rebecca, Money, Interest Rates and Prices in Ireland, 1933-2012 (July 27, 2015). CFS Working Paper No. 513. Available at SSRN: https://ssrn.com/abstract=2663339 or http://dx.doi.org/10.2139/ssrn.2663339

Stefan Gerlach (Contact Author)

Central Bank of Ireland ( email )

P.O. Box 559
Dame Street
Dublin, 2
Ireland

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Rebecca Stuart

Central Bank of Ireland ( email )

P.O. Box 559
Dame Street
Dublin, 2
Ireland

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