Seán Kenny, Jason Lennard, Kevin O'Rourke, 11 August 2021

Economic historians have not reached a consensus on whether Ireland deindustrialised in the 19th century, although nationalists have argued that the 1800 union with Great Britain exposed Irish industry to the full force of competition. This column constructs a new annual index of industrial production in Ireland between 1840 and 1913. Despite a shrinking industrial labour force, Irish industry expanded by 1.4% a year on average in this period due to the productivity growth of those that remained. However, Ireland’s performance was still dismal by international standards.

Margherita Russo, Claudia Cardinale Ciccotti, Fabrizio De Alexandris, Antonela Gjinaj, Giovanni Romaniello, Antonio Scatorchia, Giorgio Terranova, 02 August 2021

Many countries turned to use contact-tracing apps to help control the spread of COVID-19. Despite public policy efforts, however, tracking apps have not been a success because of public concerns over data privacy. This column compares nine countries to explore the conditions behind the successful use of digital technologies and AI for public purposes. Individuals give over personal data to internet companies but are wary of sharing their data for the public interest. Citizen trust in public interventions and commitment to social goals need to be nurtured in normal times to be effective in emergencies.

Cormac Ó Gráda, Kevin O'Rourke, 11 May 2021

Depending on the period, Ireland’s economy has served as a model to be followed or a sobering lesson in failure. This column reviews the performance of the Irish economy from a long-run perspective and suggests that contrary to the common discourse, Ireland’s growth trajectory since independence has been far from exceptional. Rather, it should be seen as volatile. 

Fergal McCann, Terry O'Malley, 11 November 2020

Debt moratoria introduced to mitigate the initial impact of the coronavirus pandemic have begun to expire. This column derives lessons for policymakers by analysing detailed micro data on arrears resolution during the recovery from the post-2008 Irish financial crisis.  It highlights trends in borrower engagement in resolution, the financial health of households engaging, details on how loans were restructured, and the success of loan restructures. 

Brian Nolan, Juan C. Palomino, Philippe Van Kerm, Salvatore Morelli, 19 September 2020

Whether and how much intergenerational transfers contribute to wealth inequality is still subject to debate. This column analyses household survey data on inheritance and gifts inter vivos in France, Germany, Great Britain, Ireland, Italy, Spain, and the US to relate current household wealth levels and inequality to the receipt of intergenerational wealth transfers. In these countries, large transfers increase overall wealth inequality. Strengthening taxation capacity and instating lifetime capital acquisitions tax for gifts and inheritances may help counter the dis-equalising effect of intergenerational transfers.

Patrick Honohan, Martin Sandbu, 27 September 2019

Patrick Honohan took over as governor of the Central Bank of Ireland in 2009 with the economy in meltdown, and steered it through its deepest crisis. His new book re-examines what happened, and lessons for future crises. Tim Phillips talks to Patrick and the FT's Martin Sandbu about what policymakers and central bankers can learn from Ireland's ordeal.

 

Giovanna Bua, Peter G Dunne, 26 June 2019

Money market funds are important from a monetary policy perspective because they provide bank-like services and they are active in short-term funding markets. This column examines how recent extreme monetary policies have affected their performance and behaviour. Extreme monetary policy puts money market funds, which do not have access to the ECB’s deposit facility, under pressure by depressing the yields available on the assets they typically hold, leaving them at a competitive disadvantage relative to banks.  This could cause outflows of investment and unintended intermediation between banks and funds. 

Judith Delaney, Paul Devereux, 19 April 2019

Women are much less likely to study STEM degrees at university. This column reveals that in the case of Ireland, the gender gap is concentrated in the areas of engineering, technology, and mathematics. Subject choice in secondary school is the most important predictor of the portion of the gap that can be explained, with a small role for grades achieved in mathematics versus English. A gender gap of 9% remains even among students who studied the same subjects and achieved the same grades at secondary school.

The Editors, 26 February 2019

Philip Lane, a CEPR Research Fellow, will soon become the ECB's chief economist. Read this selection of his columns to find out his opinions on the euro area, financial stability, and monetary policy.

Joan Costa-i-Font, 04 October 2018

Many European countries are revisiting how best to finance long-term care, balancing financial sustainability and the economic welfare of households. Using examples of Spain and Scotland, this paper demonstrates that an expansion of public funding for long-term care has an effect on caregiving choices, household finances, and hospital care. Unconditional or cash subsidies may entail a ‘caregiving moral hazard’, but both cash and care subsidies can bring savings to the health system by reducing the frequency and intensity of hospitalisation. 

Ronald Davies, Joseph Francois, 01 October 2018

With increasing frustration over the situation as ‘Brexit Day’ approaches, some political pundits are suggesting that an Irish exit from the EU would benefit Ireland. This column assesses the macroeconomic impact of a range of scenarios and argues that while any version of Brexit, with or without Irexit, worsens the Irish economic situation relative to the status quo, economically speaking the best option for Ireland is to stay within the fold of the EU while hoping for and working towards the best in terms of post-Brexit UK economic integration with Europe.

Stephen Byrne, Jonathan Rice, 19 June 2018

While the effect of Brexit on trade between the UK and the remaining EU member states has received considerable attention, to date little work has considered the issue of non-tariff barriers. This column explores how increased documentary compliance and border delays will affect EU members’ exports to the UK. Time-sensitive goods are found to be most at risk of suffering from increases in non-tariff barriers. Based on current trade composition, Latvia, Ireland, and Denmark are the trading partners that will be most affected.

Doireann Fitzgerald, Stefanie Haller, Yaniv Yedid-Levi, 25 March 2017

Tariffs across the world may be set to increase for the first time in generations, but the impact of this on trade will depend on the way in which exporters and potential exporters make decisions. Using data on Ireland's manufacturing exports, this column describes how the evolution of quantities and prices for export entrants suggests an important role for the customer base in explaining exporter behaviour. 

Reamonn Lydon, Matija Lozej, 02 October 2016

The evolution of earnings over the business cycle has important implications for consumption and welfare. This column shows that the earnings of new hires in Ireland – and in particular, new hires with less valuable outside options – are substantially more flexible than those of incumbents during a recession. The results indicate that search and matching models that rely on the rigidity of wages of new hires to generate realistic volatility in job creation and unemployment may not be appropriate for strong business cycles.

Patrick Honohan, John FitzGerald, 12 August 2016

As the Irish economy is deeply integrated with the UK’s economy, Brexit poses especially severe challenges for Ireland. This column considers a future in which the legal basis for the UK’s economic relations with the EU, and hence with Ireland, is thrown into doubt. A UK withdrawal from the Single Market would raise questions relating to trade ‘re-diversion’, foreign direct investment, the Irish peace agreement, and assured access to British natural gas supplies.

Patrick Honohan, 12 August 2016

How can the Irish economy respond to being torn between two neighbours by Brexit? Bob Denham (Econ Films) interviews Patrick Honohan (Trinity College Dublin) on what economic connections do and don’t need to be unpicked, from labour markets to managing the border. 

Paolo Mauro, 07 August 2016

Policymakers use a well established traditional accounting method to analyse past paths and predict future paths of debt ratios. But the traditional accounting exercises underemphasise the role of economic growth. This column proposes a simple, extended accounting framework to recognise the importance of growth more fully and explicitly. It quantifies the role of economic growth in debt-to-GDP measurement for Ireland and Italy, who were similarly placed in 2012 but whose paths diverged significantly in subsequent years.

The Editors, 17 November 2015

The IMF, together with CEPR and the Central Bank of Ireland, put on a conference that drew lessons from Ireland’s bailout package titled “Ireland: Lessons from its Recovery from the Bank-Sovereign Loop”. This column summarises the contributions by Eichengreen, Fatás and Schoenmaker, as well as panel comments by Christine Lagarde, Benoît Coeuré, Michael Noonan, and Valdis Dombrovskis. 

Daniel Dias, Mark Wright, 13 November 2015

Measured as a percentage of its GDP, Greece’s debt is higher than that of Portugal and Ireland. This column discusses a range of new techniques for measuring the debts of Greece, Ireland, and Portugal. It argues that plausible alternative measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted than Portugal and Ireland to as little as half as indebted. The most reasonable measures imply that Greece is far less indebted than is commonly reported.

Stefan Gerlach, Reamonn Lydon, Rebecca Stuart, 21 July 2015

Despite being a mainstay of macroeconomic theory for the past half century, the Phillips curve often receives the death knell from various commentators. These critiques often rely on results from data samples spanning relatively short periods. Using the case of Ireland, this column argues that short-term idiosyncrasies can explain the failure of the model in these contexts. Taking a longer historical view, the Phillips curve remains a useful macroeconomic model, at least in the Irish context.

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