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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/12479

Title: Ireland in EMU: More Shocks, Less Insulation?
Author: HONOHAN, PATRICK
LEDDIN, ANTHONY
Author's Homepage: http://people.tcd.ie/phonohan
Keywords: Economics
Ireland
European Monetary Union
EMU
Issue Date: 2006
Citation: Honohan, Patrick and Anthony Leddin, Ireland in EMU: More Shocks, Less Insulation?, Economic and Social Review, 37, (2), 2006, 263-294
Series/Report no.: Economic and Social Review
37, 2
Abstract: Despite anchoring the Irish monetary system to a single currency, EMU has triggered sizable exchange rate and especially interest rate shocks to the Irish economy (albeit not appreciably greater than under previous regimes). Interest rates have deviated widely from a standard Taylor rule would have counseled – though again not by much more than in previous regimes. The biggest shock has been the sharp fall in nominal interest rates as EMU began. Through mechanisms which we formally model, this fall has had a lasting effect on property prices, construction activity and the capacity of the labour market to absorb immigration, but there has been a sharp deterioration in wage competitiveness since 2002.
Description: PUBLISHED
URI: http://hdl.handle.net/2262/12479
Appears in Collections:Economics (Scholarly Publications)

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