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Title: "Dangers for Ireland of an EMU without the UK": a reply to John FitzGerald
Author: Barry, Frank
FitzGerald, John D.
Keywords: European Monetary Union
Irish economy
Issue Date: 1998
Publisher: Economic & Social Research Institute
Citation: Barry, Frank. '"Dangers for Ireland of an EMU without the UK": a reply to John FitzGerald'. - Economic & Social Review, Vol. 29, No. 1, January, 1998, pp. 103-106. Dublin: Economic & Social Research Institute
Abstract: In his comment on my 1997 paper John FitzGerald (JFG) makes the following points: (i) While the ESRI study on EMU, henceforth ESRI (1996), found no evidence of my hypothesis of downward nominal wage rigidity, this could not be ruled out and so my paper raises questions worthy of discussion; (ii) in my calibration exercises I used long-run labour-demand elasticities rather than the short-run elasticities that JFG argues are more appropriate; (iii) I apply too high a weight to German prices in the determination of the Irish CPI, while ESRI (1996) suggests that UK prices (in Irish pounds) are essentially all that matter; and (iv) I ignore the ESRI use of the Gerlach methodology to evaluate the cost of giving up the exchange rate option. I will deal with each of these points in turn.
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 29, No. 1, January, 1998

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