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The Irish Macroeconomic Crisis of 1955-56: How Much Was Due to Monetary Policy

Patrick Honohan () and Cormac Ó Gráda ()

Working Papers from College Dublin, Department of Political Economy-

Abstract: The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continues to be unparalleled.

Keywords: IRELAND; MONETARY POLICY; BUSINESS CYCLES (search for similar items in EconPapers)
JEL-codes: E32 E52 (search for similar items in EconPapers)
Date: 1998
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