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UK shocks and Irish business cycles, 1922–79

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  • Rebecca Stuart

Abstract

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.

Suggested Citation

  • Rebecca Stuart, 2019. "UK shocks and Irish business cycles, 1922–79," Economic History Review, Economic History Society, vol. 72(2), pages 618-640, May.
  • Handle: RePEc:bla:ehsrev:v:72:y:2019:i:2:p:618-640
    DOI: 10.1111/ehr.12664
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    Cited by:

    1. Cormac Ó Gráda & Kevin Hjortshøj O'Rourke, 2022. "The Irish economy during the century after partition," Economic History Review, Economic History Society, vol. 75(2), pages 336-370, May.
    2. Calvert Jump, Robert & Kohler, Karsten, 2022. "A history of aggregate demand and supply shocks for the United Kingdom, 1900 to 2016," Explorations in Economic History, Elsevier, vol. 85(C).
    3. Rebecca Stuart, 2022. "160 Years of aggregate supply and demand in Switzerland," Swiss Journal of Economics and Statistics, Springer;Swiss Society of Economics and Statistics, vol. 158(1), pages 1-14, December.
    4. Kenny, Sean & McLaughlin, Eoin, 2022. "Political economy of secession: Lessons from the early years of the Irish Free State," QUCEH Working Paper Series 22-05, Queen's University Belfast, Queen's University Centre for Economic History.
    5. Kenny, Seán, 2024. "Irish GDP Since Independence," Lund Papers in Economic History 258, Lund University, Department of Economic History.
    6. Kenny, Sean, 2024. "Irish GDP since independence," QUCEH Working Paper Series 24-05, Queen's University Belfast, Queen's University Centre for Economic History.
    7. Matthew Hale & Graham Raymond & Catherine Wright, 2020. "List of publications on the economic and social history of Great Britain and Ireland published in 2019," Economic History Review, Economic History Society, vol. 73(4), pages 1153-1202, November.
    8. Kenny, Seán & McLaughlin, Eoin, 2022. "Political Economy Of Secession: Lessons From The Early Years Of The Irish Free State," National Institute Economic Review, National Institute of Economic and Social Research, vol. 261, pages 48-78, August.

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