Central Bank of Ireland

Displaying 1-24 of 24 results

  • White Papers // Aug 2010

    Understanding And Forecasting Aggregate And Disaggregate Price Dynamics

    The issue of forecast aggregation is to determine whether it is better to forecast a series directly or instead construct forecasts of its components and then sum these component forecasts. Notwithstanding some underlying theoretical results, it is generally accepted that forecast aggregation is an empirical issue. Empirical results in the...

    Provided By Central Bank of Ireland

  • White Papers // May 2010

    How Do Firms Set Prices? Survey Evidence From Ireland

    Despite the importance of understanding and estimating the "Stickiness" of prices of goods and services, empirical assessment of price setting behaviour by firms has remained relatively limited. This is the first paper to provide detailed information on the pressures, manner and frequency with which Irish firms adjust their output prices....

    Provided By Central Bank of Ireland

  • White Papers // May 2010

    An Analysis Of The Determinants Of Risk Attitudes In Ireland And The United Kingdom

    In this paper the authors avail of new data in studies of financial capability conducted separately in the United Kingdom and Ireland to model the determinants of individuals' attitudes to risk. These risk attitudes are explored explicitly in the context of savings and investments and are modeled on the basis...

    Provided By Central Bank of Ireland

  • White Papers // Mar 2010

    The Determination Of Wages Of Newly Hired Employees: Survey Evidence On Internal Versus External Factors

    This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests that external labor market conditions...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    Testing For Asymmetric Pricing Behaviour In Irish And UK Petrol And Diesel Markets

    This paper empirically tests whether Irish and UK petrol and diesel markets are characterised by asymmetric pricing behavior. The econometric assessment uses threshold autoregressive models and a dataset of monthly refined oil and retail prices covering the period 1997 to mid-2009. A methodological note is included on the importance of...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    How Are Irish Households Coping With Their Mortgage Repayments? Information From The SILC Survey

    This paper uses information contained within the Survey on Income and Living Conditions (SILC) to examine the ability of Irish households to sustain their mortgage repayments. The authors calculate Mortgage Repayment To Income (MRTI) ratios for a representative sample of Irish households and examine the distribution of this ratio. In...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    Wage Setting And Wage Flexibility In Ireland: Results from A Firm-level Survey

    This paper investigates the wage-setting behavior of Irish firms. The authors place particular emphasis on the use of flexible pay components and examine how these allow firms to deal with shocks requiring a reduction in costs without having to cut base wages. The results presented in this paper are based...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    The United States As A Growth Leader For The Euro Area - A Multi-Sectoral Approach

    In this paper the authors examine the role played by technology spillovers between the United States and the Euro area. The authors explicitly assume that the United States acts as a growth leader for Europe and that the Euro area is constantly converging to US Total Factor Productivity (TFP) levels....

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Destinations Of Irish Exports: A Gravity Model Approach

    This paper uses a gravity model approach in order to analyze the geographical patterns of Irish exports. The gravity model in international trade has been demonstrated to be an extremely robust empirical method. The gravity model is first applied to aggregate Irish exports from 1980 to 2007. Distance is found...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Euro Area Investment: The Generation Of GDP Growth And The Marginal Product Of Capital

    Reviewing economic performance over the past three decades, it is apparent that GDP growth in the US has been faring better than that in the Euro Area. This paper aims to identify periods where growth rates have diverged between the two economic areas with particular focus on the role of...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Money And Uncertainty In Democratised Financial Markets

    Developments in broad money since the start of the new millennium cannot be explained by the traditional determinants of money demand, namely, income, prices and portfolio effects. Households' direct and indirect participation in financial markets have led to the widespread democratization of these markets in the US since the 1970's....

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Modelling Credit In The Irish Mortgage Market

    The sharp decline in the performance of international property markets has been central to the financial distress experienced globally. The Irish housing market experienced particularly strong rates of price increases and heightened activity levels by OECD standards. One reason cited for such large price increases has been the significant degree...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Quantifying Revenue Windfalls From The Irish Housing Market

    The speed and severity of the decline in the Irish fiscal position in recent years raises a number of important issues regarding the assessment of fiscal policy within the EU. From a position of relative strength, with large surpluses and low debt to GDP ratio, the Irish public finances have...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2009

    A Critical Assessment Of Existing Estimates Of Core Inflation

    Core inflation rates are widely calculated. The perceived benefit of core inflation rates is that they help to inform monetary policy. This is achieved by uncovering the underlying trend in inflation or by helping to forecast inflation. Studies which compare core inflation rates frequently assess candidate core rates on these...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2009

    A Model Of Mortgage Credit

    The emergence and proliferation of the international financial crisis since mid-2007 has, amongst other issues, refocussed attention on the interrelationship between mortgage credit availability and house prices. A growing body of opinion is now of the view that the increase in credit availability internationally was a primary contributor to the...

    Provided By Central Bank of Ireland

  • White Papers // Jul 2009

    Tax Complexity And Inward Investment

    The negative relationship between host-country tax rates and FDI has been tested in a large number of papers. This paper looks at a different channel through which tax systems could affect FDI, namely the complexity of the tax system. Complying with tax authority requirements can be extremely time consuming for...

    Provided By Central Bank of Ireland

  • White Papers // Jun 2009

    Consumer Financial Capability: A Comparison Of The UK And Ireland

    Financial capability refers to the study of a person's knowledge of financial products, their understanding of their own financial position and their ability to choose products appropriate to that position along with their ability to plan ahead financially and to seek and act on appropriate advice when necessary. It has...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2009

    Financial Capability: New Evidence For Ireland

    Recent increases in financial innovation, particularly in the Anglo-Saxon banking culture, have seen a considerable growth in the amount of financial products available to the general public. Simultaneously, many workers are increasingly assuming responsibility for planning for their future pensions. This allied to increased life expectancy necessitates a greater degree...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2008

    Quantifying The Impact Of Oil Prices On Inflation

    The substantial increase in oil prices over the past six or seven years has provoked considerable comment within the international media. While this increase has not had quite the same impact as that experienced in the 1970's, the magnitude of the price increases still has significant implications from a macroeconomic...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2008

    Now-casting Irish GDP

    In this paper the authors present "Now-casts" of Irish GDP using timely data from a panel data set of 41 different variables. The approach seeks to resolve two issues which commonly confront forecastors of GDP - how to parsimoniously avail of the many different series, which can potentially influence GDP...

    Provided By Central Bank of Ireland

  • White Papers // Oct 2008

    Wage Inflation And Structural Unemployment In Ireland

    In this paper the authors represent structural unemployment by relating observed unemployment to wage inflation. An estimated series for the Non-Accelerating Wage Rate of Unemployment (NAWRU) shows that the unemployment gap between observed unemployment and the structural rate provides an intuitive account of prevailing aggregate demand conditions within the Irish...

    Provided By Central Bank of Ireland

  • White Papers // Sep 2008

    Where Do Firms Export, How Much And Why?

    The empirical finding that exporting firms are more productive on average than non-exporters has provoked a large theoretical literature based on models such as Melitz (2003), where more productive firms are more likely to overcome costs associated with trade. This paper provides a systematic empirical assessment of the Melitz framework...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2008

    Deconstructing Gravity: Trade Costs And Extensive And Intensive Margins

    One of the most robust empirical results in international economics is the existence of a negative relationship between trade flows and distance. More recent research on exporting activity at the firm level has established an apparently equally robust result - few firms export, and exporting firms do not sell in...

    Provided By Central Bank of Ireland

  • White Papers // Jun 2008

    Identifying And Forecasting House Price Dynamics In Ireland

    While increased attention has, of late, focused on models of house prices, few, if any, studies have examined house prices from a purely forecasting perspective. However, the need for accurate and timely forecasts of house prices has grown as the rate of house price inflation is more and more important...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2010

    Understanding And Forecasting Aggregate And Disaggregate Price Dynamics

    The issue of forecast aggregation is to determine whether it is better to forecast a series directly or instead construct forecasts of its components and then sum these component forecasts. Notwithstanding some underlying theoretical results, it is generally accepted that forecast aggregation is an empirical issue. Empirical results in the...

    Provided By Central Bank of Ireland

  • White Papers // May 2010

    How Do Firms Set Prices? Survey Evidence From Ireland

    Despite the importance of understanding and estimating the "Stickiness" of prices of goods and services, empirical assessment of price setting behaviour by firms has remained relatively limited. This is the first paper to provide detailed information on the pressures, manner and frequency with which Irish firms adjust their output prices....

    Provided By Central Bank of Ireland

  • White Papers // May 2010

    An Analysis Of The Determinants Of Risk Attitudes In Ireland And The United Kingdom

    In this paper the authors avail of new data in studies of financial capability conducted separately in the United Kingdom and Ireland to model the determinants of individuals' attitudes to risk. These risk attitudes are explored explicitly in the context of savings and investments and are modeled on the basis...

    Provided By Central Bank of Ireland

  • White Papers // Mar 2010

    The Determination Of Wages Of Newly Hired Employees: Survey Evidence On Internal Versus External Factors

    This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests that external labor market conditions...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    Testing For Asymmetric Pricing Behaviour In Irish And UK Petrol And Diesel Markets

    This paper empirically tests whether Irish and UK petrol and diesel markets are characterised by asymmetric pricing behavior. The econometric assessment uses threshold autoregressive models and a dataset of monthly refined oil and retail prices covering the period 1997 to mid-2009. A methodological note is included on the importance of...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    The United States As A Growth Leader For The Euro Area - A Multi-Sectoral Approach

    In this paper the authors examine the role played by technology spillovers between the United States and the Euro area. The authors explicitly assume that the United States acts as a growth leader for Europe and that the Euro area is constantly converging to US Total Factor Productivity (TFP) levels....

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Destinations Of Irish Exports: A Gravity Model Approach

    This paper uses a gravity model approach in order to analyze the geographical patterns of Irish exports. The gravity model in international trade has been demonstrated to be an extremely robust empirical method. The gravity model is first applied to aggregate Irish exports from 1980 to 2007. Distance is found...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Euro Area Investment: The Generation Of GDP Growth And The Marginal Product Of Capital

    Reviewing economic performance over the past three decades, it is apparent that GDP growth in the US has been faring better than that in the Euro Area. This paper aims to identify periods where growth rates have diverged between the two economic areas with particular focus on the role of...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Money And Uncertainty In Democratised Financial Markets

    Developments in broad money since the start of the new millennium cannot be explained by the traditional determinants of money demand, namely, income, prices and portfolio effects. Households' direct and indirect participation in financial markets have led to the widespread democratization of these markets in the US since the 1970's....

    Provided By Central Bank of Ireland

  • White Papers // Nov 2008

    Quantifying The Impact Of Oil Prices On Inflation

    The substantial increase in oil prices over the past six or seven years has provoked considerable comment within the international media. While this increase has not had quite the same impact as that experienced in the 1970's, the magnitude of the price increases still has significant implications from a macroeconomic...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2008

    Deconstructing Gravity: Trade Costs And Extensive And Intensive Margins

    One of the most robust empirical results in international economics is the existence of a negative relationship between trade flows and distance. More recent research on exporting activity at the firm level has established an apparently equally robust result - few firms export, and exporting firms do not sell in...

    Provided By Central Bank of Ireland

  • White Papers // Sep 2008

    Where Do Firms Export, How Much And Why?

    The empirical finding that exporting firms are more productive on average than non-exporters has provoked a large theoretical literature based on models such as Melitz (2003), where more productive firms are more likely to overcome costs associated with trade. This paper provides a systematic empirical assessment of the Melitz framework...

    Provided By Central Bank of Ireland

  • White Papers // Oct 2008

    Wage Inflation And Structural Unemployment In Ireland

    In this paper the authors represent structural unemployment by relating observed unemployment to wage inflation. An estimated series for the Non-Accelerating Wage Rate of Unemployment (NAWRU) shows that the unemployment gap between observed unemployment and the structural rate provides an intuitive account of prevailing aggregate demand conditions within the Irish...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2008

    Now-casting Irish GDP

    In this paper the authors present "Now-casts" of Irish GDP using timely data from a panel data set of 41 different variables. The approach seeks to resolve two issues which commonly confront forecastors of GDP - how to parsimoniously avail of the many different series, which can potentially influence GDP...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    How Are Irish Households Coping With Their Mortgage Repayments? Information From The SILC Survey

    This paper uses information contained within the Survey on Income and Living Conditions (SILC) to examine the ability of Irish households to sustain their mortgage repayments. The authors calculate Mortgage Repayment To Income (MRTI) ratios for a representative sample of Irish households and examine the distribution of this ratio. In...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2010

    Wage Setting And Wage Flexibility In Ireland: Results from A Firm-level Survey

    This paper investigates the wage-setting behavior of Irish firms. The authors place particular emphasis on the use of flexible pay components and examine how these allow firms to deal with shocks requiring a reduction in costs without having to cut base wages. The results presented in this paper are based...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Modelling Credit In The Irish Mortgage Market

    The sharp decline in the performance of international property markets has been central to the financial distress experienced globally. The Irish housing market experienced particularly strong rates of price increases and heightened activity levels by OECD standards. One reason cited for such large price increases has been the significant degree...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2009

    A Critical Assessment Of Existing Estimates Of Core Inflation

    Core inflation rates are widely calculated. The perceived benefit of core inflation rates is that they help to inform monetary policy. This is achieved by uncovering the underlying trend in inflation or by helping to forecast inflation. Studies which compare core inflation rates frequently assess candidate core rates on these...

    Provided By Central Bank of Ireland

  • White Papers // Aug 2009

    A Model Of Mortgage Credit

    The emergence and proliferation of the international financial crisis since mid-2007 has, amongst other issues, refocussed attention on the interrelationship between mortgage credit availability and house prices. A growing body of opinion is now of the view that the increase in credit availability internationally was a primary contributor to the...

    Provided By Central Bank of Ireland

  • White Papers // Jun 2008

    Identifying And Forecasting House Price Dynamics In Ireland

    While increased attention has, of late, focused on models of house prices, few, if any, studies have examined house prices from a purely forecasting perspective. However, the need for accurate and timely forecasts of house prices has grown as the rate of house price inflation is more and more important...

    Provided By Central Bank of Ireland

  • White Papers // Jul 2009

    Tax Complexity And Inward Investment

    The negative relationship between host-country tax rates and FDI has been tested in a large number of papers. This paper looks at a different channel through which tax systems could affect FDI, namely the complexity of the tax system. Complying with tax authority requirements can be extremely time consuming for...

    Provided By Central Bank of Ireland

  • White Papers // Jun 2009

    Consumer Financial Capability: A Comparison Of The UK And Ireland

    Financial capability refers to the study of a person's knowledge of financial products, their understanding of their own financial position and their ability to choose products appropriate to that position along with their ability to plan ahead financially and to seek and act on appropriate advice when necessary. It has...

    Provided By Central Bank of Ireland

  • White Papers // Feb 2009

    Financial Capability: New Evidence For Ireland

    Recent increases in financial innovation, particularly in the Anglo-Saxon banking culture, have seen a considerable growth in the amount of financial products available to the general public. Simultaneously, many workers are increasingly assuming responsibility for planning for their future pensions. This allied to increased life expectancy necessitates a greater degree...

    Provided By Central Bank of Ireland

  • White Papers // Nov 2009

    Quantifying Revenue Windfalls From The Irish Housing Market

    The speed and severity of the decline in the Irish fiscal position in recent years raises a number of important issues regarding the assessment of fiscal policy within the EU. From a position of relative strength, with large surpluses and low debt to GDP ratio, the Irish public finances have...

    Provided By Central Bank of Ireland