Economic Adjustment Within EMU - Ireland’s Experience

Conall MacCoille and Daniel McCoy
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Conall MacCoille: The Economic and Social Research Institute, Dublin
Daniel McCoy: The Economic and Social Research Institute, Dublin

The Economic and Social Review, 2002, vol. 33, issue 2, 179-193

Abstract: This paper examines the contribution of Balassa-Samuelson (B-S) type effects to inflationary pressures in Ireland. Irish productivity measures are exaggerated by foreign multinationals engaged in high value-added activities. These measures suggest that high productivity in the traded sectors explain most of the inflation differential. Using adjusted measures to account for the multinational effect, shorter-term demand side factors become more significant in explaining the inflation differential. Domestic fiscal and incomes policies are therefore an important source of adjustment for the Irish economy within a monetary union.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:eso:journl:v:33:y:2002:i:2:p:179-193

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