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The Irish Macroeconomic Crisis of 1955-56: How Much Was Due to Monetary Policy


  • Honohan, P.
  • Grada, C.O.


The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continues to be unparalleled.

Suggested Citation

  • Honohan, P. & Grada, C.O., 1998. "The Irish Macroeconomic Crisis of 1955-56: How Much Was Due to Monetary Policy," Papers 98/09, College Dublin, Department of Political Economy-.
  • Handle: RePEc:fth:dublec:98/09

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    Cited by:

    1. Cormac Ó Gráda, 2011. "Five Crises," Working Papers 201112, School of Economics, University College Dublin.
    2. Cormac Ó Gráda, 2008. "The Irish economy half a Century ago," Working Papers 200818, School of Economics, University College Dublin.

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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