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This Selected Issues paper discusses Irelanda€™s trade and financial linkages with key partner countries. The paper uses a vector autoregression to examine the impact of shocks to partner country GDP and shocks to Irish competitiveness on Irish GDP. Two main findings are that shocks to U.S. GDP have a much larger impact on the variance of Irish GDP than shocks to the euro area or the United Kingdom. The paper also uses the IMFa€™s Global Fiscal Model to compare the effects of alternative fiscal adjustment strategies on employment and growth.References Baxter, M., and M. Kouparitsas, 2004, a€œDeterminants of Business Cycle Comovement: A Robust Analysis, a€ ... E. Prasad, and M.E. Terrones, 2003a, a€œHow Does Globalization Affect the Synchronization of Business Cycles, a€ IMFanbsp;...

Author:International Monetary Fund
Publisher:International Monetary Fund - 2007-09-24


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