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Economic Adjustment Within EMU - Ireland’s Experience

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  • Conall MacCoille

    (The Economic and Social Research Institute, Dublin)

  • Daniel McCoy

    (The Economic and Social Research Institute, Dublin)

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    Abstract

    This paper examines the contribution of Balassa-Samuelson (B-S) type effects to inflationary pressures in Ireland. Irish productivity measures are exaggerated by foreign multinationals engaged in high value-added activities. These measures suggest that high productivity in the traded sectors explain most of the inflation differential. Using adjusted measures to account for the multinational effect, shorter-term demand side factors become more significant in explaining the inflation differential. Domestic fiscal and incomes policies are therefore an important source of adjustment for the Irish economy within a monetary union.

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    File URL: http://www.esr.ie/Vol33_2McCoille.pdf
    File Function: First version, 2002
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    Bibliographic Info

    Article provided by Economic and Social Studies in its journal Economic and Social Review.

    Volume (Year): 33 (2002)
    Issue (Month): 2 ()
    Pages: 179-193

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    Handle: RePEc:eso:journl:v:33:y:2002:i:2:p:179-193

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    1. De Broeck, Mark & Slok, Torsten, 2006. "Interpreting real exchange rate movements in transition countries," Journal of International Economics, Elsevier, vol. 68(2), pages 368-383, March.
    2. John Fitz Gerald, 2001. "Managing an Economy Under EMU: The Case of Ireland," The World Economy, Wiley Blackwell, vol. 24(10), pages 1353-1371, November.
    3. Philip Lane, 1998. "Profits and Wages in Ireland, 1987-1996," Economics Technical Papers 9814, Trinity College Dublin, Department of Economics.
    4. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Department of Economics Working Papers 2008-07, Department of Economics, Williams College.
    5. David Duffy & John FitzGerald & Diarmaid Smyth, 2000. "Ireland's Exposure To a Sterling Shock," Papers WP135, Economic and Social Research Institute (ESRI).
    6. John FitzGerald & Ide Kearney, 2000. "Convergence in Living Standards in Ireland: The Role of the New Economy," Papers WP134, Economic and Social Research Institute (ESRI).
    7. Hans-Werner Sinn & Michael Reutter, 2001. "The Minimum Inflation Rate for Euroland," NBER Working Papers 8085, National Bureau of Economic Research, Inc.
    8. Quinn, Terry & Kenny, Geoff & Meyler, Aidan, 1999. "Inflation Analysis: An Overview," MPRA Paper 11361, University Library of Munich, Germany.
    9. Kenny, Geoff & McGettigan, Donal, 1999. "Modelling Traded, Non-traded and Aggregate Inflation in a Small Open Economy: The Case of Ireland," Manchester School, University of Manchester, vol. 67(1), pages 60-88, January.
    10. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), number PRS28.
    11. International Monetary Fund, 1999. "Ireland," IMF Staff Country Reports 99/87, International Monetary Fund.
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    Cited by:
    1. Dermot Hodson, 2003. "The Exchange Rate as an Adjustment Mechanism - A Structural VAR Approach to the Case of Ireland," The Economic and Social Review, Economic and Social Studies, vol. 34(2), pages 151-172.

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