Money, interest and economic activity in Ireland
Citation:
DR Thom, 'Money, interest and economic activity in Ireland', Economic and Social Research Institute, Economic and Social Review, Vol.5 (Issue 2), 1973, 1974, pp201-211Download Item:
Abstract:
Recent studies have provided evidence that economic activity in Ireland responds to changes in certain monetary aggregates.1 Thomas F. Hoare, for example, employs a 'Monetarist Model of Income Determination' to investigate the linkages between money, autonomous expenditure and aggregate income. Hoare's model relates nominal income (Y) to current and lagged values of a composite variable (Q) which is equated to the sum of exports, net external capital flows and changes in the banking system supply of domestic credit, the latter element of Q being equal to the money stock minus the banks net external assets.2 In the present paper, we investigate these macroeconomic relationships in a model similar to Hoare's but which gives explicit recognition to the openness o f the Irish economy and the consequent endogeneity of monetary aggregates.
Author: Thom, DR
Publisher:
Economic & Social StudiesType of material:
Journal ArticleCollections
Series/Report no:
Economic and Social ReviewVol.5 (Issue 2), 1973
Availability:
Full text availableISSN:
0012-9984Metadata
Show full item recordLicences: