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Irish GDP between the Famine and the First World War : Estimates Based on a Dynamic Factor Model

Lennard, Jason LU and Andersson, Fredrik N G LU (2016) In Working Papers 2016(13).
Abstract
A major issue in Irish economic history is the lack of historical national accounts before the interwar period. This paper addresses the gap with new annual estimates of real GDP between 1842 and 1913 using an indirect estimation technique based on a set of macroeconomic variables and a dynamic factor model. Three major results emerge from the data. First, per capita growth was faster in this period than anywhere in Europe. Second, aggregate output contracted by more than a third during the Great Famine of the 1840s, but had recovered its level and closed the output gap by the end of the decade. Third, the volatility of the business cycle fell by nearly three quarters in the second half of the sample.
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Working Paper
publication status
published
subject
keywords
Ireland, GDP, famine, historical national accounts, C38 , E01 , N13
in
Working Papers
volume
2016
issue
13
pages
25 pages
publisher
Department of Economics, Lund Universtiy
language
English
LU publication?
yes
id
0639236f-982e-44e0-bb66-e2f3c9e33655
alternative location
http://swopec.hhs.se/lunewp/abs/lunewp2016_013.htm
date added to LUP
2016-06-30 14:43:01
date last changed
2017-10-16 14:21:36
@misc{0639236f-982e-44e0-bb66-e2f3c9e33655,
  abstract     = {A major issue in Irish economic history is the lack of historical national accounts before the interwar period. This paper addresses the gap with new annual estimates of real GDP between 1842 and 1913 using an indirect estimation technique based on a set of macroeconomic variables and a dynamic factor model. Three major results emerge from the data. First, per capita growth was faster in this period than anywhere in Europe. Second, aggregate output contracted by more than a third during the Great Famine of the 1840s, but had recovered its level and closed the output gap by the end of the decade. Third, the volatility of the business cycle fell by nearly three quarters in the second half of the sample.},
  author       = {Lennard, Jason and Andersson, Fredrik N G},
  keyword      = {Ireland,GDP, famine,historical national accounts,C38 ,E01 ,N13},
  language     = {eng},
  note         = {Working Paper},
  number       = {13},
  pages        = {25},
  publisher    = {Department of Economics, Lund Universtiy},
  series       = {Working Papers},
  title        = {Irish GDP between the Famine and the First World War :  Estimates Based on a Dynamic Factor Model},
  volume       = {2016},
  year         = {2016},
}