Irish inflation is domestically determined, central bank economists find
Correlation with the UK and the eurozone reflects common shocks
Irish inflation dynamics over the past 80 years can be understood through a simple backward-looking Philips Curve that incorporates import prices, according to a new paper by Central Bank of Ireland economists, who argue that inflation in Ireland is less dependent on its currency partners – in turn the UK and the eurozone – than is commonly believed.
The Phillips Curve in Ireland: 1935–2012, by deputy governor Stefan Gerlach and his colleagues Raemonn Lydon and Rebecca Stuart and published by
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