In this paper I estimate a SVAR model to study the transmission of UK shocks to the Irish economy over the period 1922-1979, using annual time series for CPI inflation and output growth. UK aggregate demand and supply shocks have large and significant impacts on Irish inflation, but smaller impacts on Irish real GDP growth. A historical decomposition indicates that UK aggregate demand shocks pl...

absolute prices 156 accounting for cross-country income differences 13 The Accumulation of Capital 137 Acemoglu, Daron 5, 13–15, 74, 84 Acemoglu–Zilibotti model 14 aggregate capital-output ratio 11, 12 aggregate demand function 142, 182 aggregate dynamic analysis 52–3 aggregate effective labour supply 9 aggregate growth 8–9 aggregate labour income share 11 aggregate output, and demand 269 aggre...

This paper constructs a macroeconomic model of North-South interaction where the flow of narcotics from the South to the North is restricted. Their economic effects are akin to quantitative restrictions in trade policy. Two alternative policy scenarios will be considered. One involves reducing the supply of drugs at source, accompanied by aid. Supply side restrictions have negative aggregate su...

We consider Cournot models of competition, where market participants choose the quantities they demand or supply. We study the loss of aggregate surplus due to the exercise of market power in Cournot competition, for both oligopsony and oligopoly models. We observe that efficiency loss is generally arbitrarily high in Cournot games, but also prove bounds on efficiency loss in several cases of i...

In the Iranian economy, part of the governmentchr('39')s fiscal policies and liabilities is always financed by banks. As government debt to banks increases, the private sectorchr('39')s access to loans and facilities is limited. It can cause undesirable macroeconomic outcomes. This study investigates the macroeconomic effects of government debt on banks in Iran over 1972–2016 by using an SVAR m...