Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/119405 
Year of Publication: 
2015
Series/Report no.: 
CFS Working Paper Series No. 514
Publisher: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Abstract: 
Since the 1970s, the overarching view in the literature has been that a Phillips curve relationship did not exist in Ireland prior to the 1979 exchange rate break with Sterling. It was argued that, as a small open economy, prices were determined externally. To test this relationship, we study the determination of inflation between 1926 and 2012, a longer sample period than any previously used. We find that the difference between unemployment and the NAIRU is a significant determinant of inflation both in the full sample and in the subsamples spanning the periods before and after the Sterling parity link.
Subjects: 
Ireland
historical statistics
inflation
unemployment
import prices
JEL: 
E3
E4
N14
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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