Dangers for Ireland of an EMU without the UK: some calibration results
Citation:
Barry, Frank. 'Dangers for Ireland of an EMU without the UK: some calibration results'. - Economic & Social Review, Vol. 28, No.4, October, 1997, pp. 333-349. Dublin: Economic & Social Research InstituteDownload Item:
Abstract:
This paper presents a small-open-economy model calibrated to Irish data. The model
can be used for many purposes. It is applied here to the EMU debate. It comes close to replicating the employment effects of sterling weakness (with Ireland in EMU) reported in the recent ESRI study (Policy Research Series Paper No. 28, 1996). When the assumptions on wage flexibility are changed in an arguably more plausible direction, though, we find that the employment effects are magnified considerably. Given the narrowness of the outcome in the ESRI's judgement, our results provide support to remaining outside EMU until the UK joins.
Author: Barry, Frank
Publisher:
Economic & Social StudiesType of material:
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Full text availableKeywords:
European Monetary Union, Sterling, Ireland, Irish economyISSN:
0012-9984Metadata
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