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Managing an Economy Under EMU: The Case of Ireland

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  • John FitzGerald

    (Economic and Social Research Institute (ESRI))

  • David Duffy

    (Economic and Social Research Institute (ESRI))

  • Diarmaid Smyth

Abstract

This paper first considers the dilemma facing the ECB itself in managing the eurozone economy. It then turns to the issues facing individual governments in managing their own regional economies within the euro zone - in particular the issues facing the Irish government. We first consider the extent to which individual governments should be concerned about deviations in domestic inflation rates from the average euro zone rate. We identify significant benefits to EMU membership but also a cost in the reduction in the ability to control pressures on domestic property markets. Finally, this paper does not consider the problems facing regions of national economies that have very little fiscal autonomy. With the exception of the Northern Ireland Economic Councils study (Bradley, 1998), this issue has to date received little attention in the literature.

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File URL: http://www.esri.ie/UserFiles/publications/20070208160751/WP127.pdf
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Bibliographic Info

Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP127.

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Length: 27 pages
Date of creation: May 2000
Date of revision:
Handle: RePEc:esr:wpaper:wp127

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References

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  1. Honohan, Patrick & Conroy, Charles, 1994. "Irish Interest Rate Fluctuations in The European Monetary System," Research Series, Economic and Social Research Institute (ESRI), number GRS165, July.
  2. Irvine, Ian J., 1984. "A Study of New House Prices in Ireland in the Seventies," Research Series, Economic and Social Research Institute (ESRI), number GRS118, July.
  3. Bradley, John & Whelan, Karl, 1997. "The Irish expansionary fiscal contraction: A tale from one small European economy," Economic Modelling, Elsevier, vol. 14(2), pages 175-201, April.
  4. Bradley, John & Whelan, Karl & Wright, Jonathan, 1995. "HERMIN Ireland," Economic Modelling, Elsevier, vol. 12(3), pages 249-274, July.
  5. Duffy, David & FitzGerald, John & Kearney, Ide & Smyth, Diarmaid, 1999. "Medium-Term Review 1999-2005, No. 7," Forecasting Report, Economic and Social Research Institute (ESRI), number MTR07.
  6. John FitzGerald & Fergal Shortall, 1998. "Exchange Rate Changes and the Transmission of Inflation," Papers WP096, Economic and Social Research Institute (ESRI).
  7. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), number PRS28, July.
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Cited by:
  1. repec:esr:chaptr:jacb200114 is not listed on IDEAS
  2. repec:esr:chaptr:jacb200210 is not listed on IDEAS
  3. Honohan, Patrick, 2001. "European and International Constraints on Irish Fiscal Policy," Papers BP2002/2, Economic and Social Research Institute (ESRI).
  4. Patrick Honohan & Anthony Leddin, 2005. "Ireland in EMU: more shocks, less insulation?," The Institute for International Integration Studies Discussion Paper Series iiisdp94, IIIS.
  5. Bergin, Adele & Duffy, David & Eakins, John & McCoy, Daniel, 2002. "Forecasting the Public Finances and the Macroeconomic Context for Budget 2003," Papers BP2003/1, Economic and Social Research Institute (ESRI).
  6. Conall MacCoille & Daniel McCoy, 2002. "Economic Adjustment Within EMU - Ireland’s Experience," The Economic and Social Review, Economic and Social Studies, vol. 33(2), pages 179-193.
  7. Philip R. Lane, & Patrick Honohan, 2003. "Divergent Inflation Rates in EMU," The Institute for International Integration Studies Discussion Paper Series iiisdp05, IIIS.
  8. Bergin, Adele & Conefrey, Thomas & FitzGerald, John & Kearney, Ide & Znuderl, Nusa, 2013. "The HERMES-13 macroeconomic model of the Irish economy," Papers WP460, Economic and Social Research Institute (ESRI).
  9. Servaas Deroose & Sven Langedijk & Werner Roeger, 2004. "Reviewing adjustment dynamics in EMU: from overheating to overcooling," European Economy - Economic Papers 198, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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