Launch of Archive for Economic and Social Review

The Economic and Social review has been working over the last number of years to make the full archive of published ESR papers freely available to the public. The archive is hosted by the TARA digital repository at TCD and all papers published in the ESR beginning with the first paper by R.C. Geary in 1969 up to and including forthcoming papers are freely available for download. We believe the archive is an important resource for Irish economists.

The archive can be found here.


Patrick Honohan  will formally launch the new archive at a short event immediately following the ESR lecture which will be held on May 7th at the Irish Economics Association conference in the Institute of Bankers in Dublin

The ESR lecture will begin at 3.30 and will be given by the distinguished development economist Professor Christopher Udry from Yale. The launch will be at 5pm.

We hope all those attending the conference can join us for for both  the lecture and the launch.

Miriam Hederman O’Brien Prize 2015

The Miriam Hederman O’Brien prize for 2015 is being awarded by the Foundation for Fiscal Studies to recognise outstanding contributions in the area of Irish fiscal policy. The aim of the prize is to promote the study and discussion of matters relating to fiscal, economic and social policy, and the prize will be awarded to a piece of completed research or analysis in this area.

Details of the prize, entry criteria and submission details are available here. The closing date for submissions is Friday 22nd May.

It is hoped for this year’s prize that submissions will come from a wide range of policy areas.

A New Start for the Eurozone: Dealing with Debt

The CEPR has published a new report on the eurozone (I am one of the co-authors).

Outline: This report, the first in the Monitoring the Eurozone series, addresses the measures Eurozone countries need to take to guard against returning financial instability that could threaten a sustainable recovery. The authors consider stock operations, lending structures and regulatory changes in protecting sovereign debt on a national and Europe-wide level.


Report is here.

VOX summary is here.

When is macroprudential policy effective?

BIS paper here.


Previous studies have shown that limits on loan-to-value (LTV) and debt-to-income (DTI) ratios can stabilise the housing market, and that tightening these limits tends to be more effective than loosening them. This paper examines whether the relative effectiveness of tightening vs. loosening macroprudential measures depends on where in the housing cycle they are implemented. I find that tightening measures have greater effects when credit is expanding quickly and when house prices are high relative to income. Loosening measures seem to have smaller effects than tightening, but the difference is negligible in downturns. Loosening being found to have small effects is consistent with where it occurs in the cycle.

Missing Money

FT Alphaville carries some material on unrecorded outflows from crisis-hit countries here and here.

Today’s CSO release for Ireland shows little progress in recovering/identifying the cumulative €20 billion (approximately) in “net errors and omissions” (a proxy for unrecorded financial outflows) during 2010-2011.