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Managing an Economy Under EMU: The Case of Ireland

Author

Listed:
  • 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.

Suggested Citation

  • John FitzGerald & David Duffy & Diarmaid Smyth, 2000. "Managing an Economy Under EMU: The Case of Ireland," Papers WP127, Economic and Social Research Institute (ESRI).
  • Handle: RePEc:esr:wpaper:wp127
    as

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    File URL: http://www.esri.ie/pubs/WP127.pdf
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    References listed on IDEAS

    as
    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.
    2. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), number PRS28.
    3. John FitzGerald & Fergal Shortall, 1998. "Exchange Rate Changes and the Transmission of Inflation," Papers WP096, Economic and Social Research Institute (ESRI).
    4. 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.
    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, April.
    6. 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.
    7. Bradley, John & Whelan, Karl & Wright, Jonathan, 1995. "HERMIN Ireland," Economic Modelling, Elsevier, vol. 12(3), pages 249-274, July.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Reddan, Paul & Rice, Jonathan, 2017. "Exchange Rate Pass-Through to Domestic Prices," Economic Letters 08/EL/17, Central Bank of Ireland.
    2. Patrick Honohan & Philip R. Lane, 2003. "Divergent inflation rates in EMU," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 357-394, October.
    3. repec:esr:chaptr:jacb200114 is not listed on IDEAS
    4. Patrick Honohan & Anthony J. Leddin, 2006. "Ireland in EMU - More Shocks, Less Insulation?," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 263-294.
    5. Honohan, Patrick, 2001. "European and International Constraints on Irish Fiscal Policy," Papers BP2002/2, 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. 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).
    8. Huizinga, Harry & Laeven, Luc, 2008. "International profit shifting within multinationals: A multi-country perspective," Journal of Public Economics, Elsevier, pages 1164-1182.
    9. repec:esr:chaptr:jacb200210 is not listed on IDEAS
    10. 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).

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