Ireland’s Economic Crisis: The Good, the Bad and the Ugly

• Published in: Journal of macroeconomics Vol. 39; pp. 424 - 440
• Main Author: Whelan, Karl
• Format: Journal Article
• Language: English
• Published: Amsterdam Elsevier Inc 01-03-2014; Elsevier Science Ltd
• Subjects: Banking; Central banks; Economic crisis; Economic policy; Economic recovery; Euro area; Euro crisis; European Monetary Union; Ireland; Macroeconomics; Studies; Ireland; Europe; E62; E52; Ireland; Banking; G01; Euro crisis; Euro area
• ISSN: 0164-0704; 1873-152X
• DOI: 10.1016/j.jmacro.2013.08.008

•This paper provides an overview of Ireland’s macroeconomic performance over the past decade.•Facts about the boom, bust and (currently limited) recovery are presented.•The paper also discusses some common fallacies and misrepresentations of events in Ireland.•Broader lessons from the Irish experience for Eurozone economic policy are discussed.•A critical assessment of the role that EMU and the ECB played in Ireland’s crisis.
This paper provides an overview of Ireland’s macroeconomic performance over the past decade. In addition, to presenting the underlying facts about the boom, bust and (currently limited) recovery, the paper also discusses some common fallacies and misrepresentations of economic events in Ireland. The paper concludes with some broader lessons from the Irish experience for Eurozone economic policy and some observations on the role that EMU and the ECB have played in Ireland’s crisis.