Using annual data from several sources, we study the evolution of M1, M2, income, prices and long and short interest rates in Ireland over the period 1933-2012. We find cointegration and that prices, income and interest rates are weakly exogenous. While the estimates for M2 are stable and close...

This paper examines the role of credit and the macroeconomy in SME distress during a pro- longed economic downturn. Specically, we estimate the determinants of SME distress in Ireland during the severe financial and economic crisis which began in 2007/2008. We use a measure of dis- tress,...

In this paper we assemble an annual data set on broad and narrow money, prices, real economic activity and interest rates in Ireland from a variety of sources for the period 1933-2012. We discuss in detail how the data set is constructed and what assumptions we have made in doing so....

The rapid increase in credit in an economy is now commonly perceived to be one of the leading in- dicators of financial instability. This view has been reinforced by the aftermath of the international financial crisis, which commenced in mid-2007. A key policy response has been to focus on the...

When setting monetary policy, central banks seek to aect the entire term structure of interest rates. Most central banks with a price stability or in ation mandate do this by targeting a very short-term market rate. This Letter presents a comparative analysis of the correlation between policy...

The Central Bank recently published a Consultation document on macro-prudential policy for residential mortgage lending including limits on loan-to-value and loan-to-income ratios. The consultation process highlighted a number of potential implications of these measures for the housing market,...

This Letter compiles information on central bank minutes from a number of sources. First, we look at the academic literature which suggests that central bank minutes can provide additional information above other forms of communication. Second, we make use of a comprehensive set of information...

This letter presents trends and stylised facts on Irish corporate liquidations. The data show that liquidations in Ireland follow the pattern of the business cycle, with the recent nancial crisis coinciding with a dramatic increase in corporate liquidations. The breakdown of liquidations by both...

The path of the policy interest rate expected by financial markets was shifted by the ECB's forward guidance of July 2013. This provides tentative evidence that market expectations had, in advance of the forward guidance, diverged from a path that would have been consistent with the ECB's normal...