Archive for the ‘Uncategorized’ Category

Reminder: Tuesday event (A New Start for the Eurozone: Dealing with Debt)

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Sunday, April 26th, 2015

I will present the CEPR Report on April 28th, 9am-10am

A New Start for the Eurozone: Dealing with Debt

Thomas Davis Theatre ( Room 2043), Arts Building , 9.00am – 10.00am on Tuesday 28th April 2015 . All welcome

New DCU MSc in Public Policy

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Saturday, April 25th, 2015

DCU School of Law and Government have launched a new MSc in Public Policy:

The global financial crisis has exposed flaws in the policy making system in Ireland and elsewhere. Part of this relates to the technical capacity of policy makers to do effective public policy analysis. This is something recognised by the Irish state and the European Union as well as other international bodies as they attempt to increase the number of professionally qualified policy specialists working for them.

In response DCU is offering a bespoke, interdisciplinary course designed to suit the needs of a new generation of policy makers. It will be hosted in the School of Law and Government, but builds on links across the University and is a key part of a new Institute for Innovative Government (IIG).

This is a new type of professional degree – in many ways a parallel for those in the policy/government sector to an MBA in the commercial sector. It will have an intellectual base and methodological rigour that reflect the needs of a sector facing more nuanced and complex challenges.

Irish Economics and Psychology Annual Workshop

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Saturday, April 25th, 2015

The eight annual one day conference on Economics and Psychology will be held on November 27th at the ESRI in Dublin. The purpose of these sessions is to develop the link between Economics, Psychology and cognate disciplines in Ireland. A special theme of these events is the implications of behavioural economics for public policy (see detailed reading list on this area here) though we welcome submissions across all areas of intersection of Economics and Psychology. We welcome submissions from PhD students as well as faculty and also welcome suggestions for sessions on policy and industry relevance of behavioural economics. Abstracts (200-500 words) should be submitted before September 30th to Liam.Delaney@stir.ac.uk. Suggestions or questions please send to Liam.Delaney@stir.ac.uk and/or Pete.Lunn@esri.ie Further details of wider network activities will be added here shortly. Details of the previous seven workshops are available here.

Mody on Creditor Impunity

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Saturday, April 25th, 2015

I am surprised this has not received more attention.

http://www.bloombergview.com/articles/2015-04-21/imf-needs-to-correct-its-big-greek-bailout-mistake

The original sin of Eurozone crisis mismanagement was the May 2010 ‘bail-out’ of Greece. As Karl Otto Pohl noted at the time, the beneficiaries were German banks, even more so French banks (as always, you gotta hand it to the French!), and rich Greeks. Yanis Varoufakis agreed at the time with Pohl, for which he will not be forgiven.

If you subscribe to the view that careless lenders should face haircuts, the official lenders to Greece should take a belated bath.

All of them, including the IMF, which means its shareholders, including us.

The alternative is an international financial order built on a doctrine of official creditor impunity.

Geary Policy Peer Review Series

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Friday, April 24th, 2015

The Geary Institute at UCD has initiated a Policy Peer Review Series.  This involves members of the Geary Institute reviewing research/evaluation reports which have significant implications for public policy.  The authors of the evaluations/reports are then invited to reply to the review.  The first two such reviews (and responses) are on (a) an evaluation of the School Support System under DEIS and (b) an evaluation of  FAS training programmes where the participants exited in 2012.  The reviews and responses are available here:

http://www.ucd.ie/geary/publications/policypeerreviews/

Dublin Economic Monitor

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Thursday, April 23rd, 2015

here.

World Happiness Report 2015

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Thursday, April 23rd, 2015

here.

The Science of Scarcity

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Thursday, April 23rd, 2015

Profile of Sendhil Mullainathan and progress in behaviourial economics (especially vis-a-vis the problems facing low-income households) here.

Miriam Hederman O’Brien Prize 2015

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Thursday, April 23rd, 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.

Expert Commission: Increasing Investment in Germany

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Tuesday, April 21st, 2015

English summary here.

TCD Policy Institute Event: Philip Lane : ‘A New Start for the Eurozone: Dealing with Debt’

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Saturday, April 18th, 2015

I will present the CEPR Report on April 28th, 9am-10am

A New Start for the Eurozone: Dealing with Debt

Thomas Davis Theatre ( Room 2043), Arts Building , 9.00am – 10.00am on Tuesday 28th April 2015 . All welcome

61st Economic Policy Panel: Riga

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Saturday, April 18th, 2015

The Economic Policy Panel met this weekend at the Bank of Latvia in Riga.

Papers here.

Update on Greece

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Saturday, April 18th, 2015

FT Big Read here.

Bulow and Rogoff here.

Peter Doyle here.

Roy Geary: Father of Statistics in Ireland

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Saturday, April 18th, 2015

This radio programme looks back at the remarkable career of Roy Geary, featuring interviews with Brendan Whelan and Dermot McAleese: here.

A New Start for the Eurozone: Dealing with Debt

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Wednesday, April 15th, 2015

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.

The EU Expenditure Benchmark: Operational Issues for Ireland in 2016

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Wednesday, April 1st, 2015

A new analytical note from the Fiscal Council. Here.

IEA 2015 Conference

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Friday, March 27th, 2015

The 29th Annual Irish Economic Association Conference will be held at the Institute of Banking, IFSC, 1 North Wall Quay, Dublin 1 on Thursday May 7th and Friday May 8th, 2015. The ESR guest lecture will be given by Professor Christopher Udry (Yale University) and the Edgeworth Lecture by Professor Giancarlo Corsetti (University of Cambridge). This year we have a very strong and expanded programme.

Registration for the conference is through the exordo site. Early registration costs 100 euros and includes dinner on the 7th. There is a much lower price for student delegates at 35 euros.

Bookings for accommodation should be made directly. We have negotiated some discounted hotel rooms at the Maldron Hotel, Cardiff Lane, which is close to the conference venue (mention the “IEA2015″).

I’m looking forward to seeing you there.

When is macroprudential policy effective?

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Tuesday, March 24th, 2015

BIS paper here.

Abstract:

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.

Irish Journalism during the Celtic Tiger period

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Tuesday, March 24th, 2015

The Media Show on RTE Radio featured a debate between Harry Browne and Richard Curran -  podcast here.

Mortgage Debt Restructuring

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Tuesday, March 24th, 2015

Eamon Quinn writes in The Irish News here.

2 Lectureships in Economics at UL

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Friday, March 20th, 2015

The Department of Economics at the University of Limerick is looking to hire 2 tenure-track Lecturers below the bar, one in Macroeconomics/Monetary economics. The closing date is 10 April, 2015. All details are here. 

Macroeconomic Data Revisions

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Thursday, March 19th, 2015

New analysis by Eddie Casey and Diarmuid Smyth here.

Cyprus and Greece

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Wednesday, March 18th, 2015

NYT review of Cyprus here.

FT editorial on Grexit here ;  op-ed by Greek cabinet ministers here.

IBRC liquidation ‘Progress Report’

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Friday, March 13th, 2015

Here.

Missing Money

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Thursday, March 12th, 2015

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.

 

ESRB: Regulatory Treatment of Sovereign Exposures

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Thursday, March 12th, 2015

The  risks of financial institutions (banks, insurance firms) holding excessive amounts of sovereign debt are analysed in this new report, along with an array of policy options: here.

New Book on Irish Economic Development

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Tuesday, March 10th, 2015

UCC’s Eoin O’Leary has just published his monograph “Irish Economic Development: High-Performing EU State or Serial Under-achiever?” From the publisher’s site:

This book offers a discerning narrative on the spectacular rise and fall of the so-called Celtic Tiger economy. It depicts Ireland as a micro-state with a unique reliance on foreign-assisted businesses, driven in part by a favourable taxation regime. It shows that rent-seeking by trades unions and property developers contributed to the fall since 2002. Although the country’s highly centralized government’s pre-disposition to lobbying has yielded international successes, it has also resulted in recurring self-inflicted crises since 1970.

This volume shows how Ireland’s export-led growth is associated more with the attraction of foreign-assisted businesses than with the development of critical masses of internationally competitive indigenous businesses. Although the success of foreign-assisted businesses in the pharmaceutical, ICT and finance sectors has been influenced by tax advantages, many of these businesses have been involved in highly productive activity in Ireland over a number of decades. The problem of rent-seeking is shown to have undermined Irish competitiveness in the internationally traded and sheltered sectors. The Irish policy mind-set is shown to lean towards distribution rather than growth. While this has been advantageous for how ‘Ireland Inc.’ interacts with other governments and international businesses, it has also resulted in a failure to resist the destructive effects of capture by lobbies.

In conclusion, this book considers future opportunities offered by the EU’s smart-specialization policy and future threats from increased international tax competition. It argues that unless Irish citizens and policymakers change deep-seated attitudes and mind-sets towards business development, the country’s performance for the next number of decades will more likely resemble serial under-achievement than that of a high-performing EU state.

Details are here:  http://www.tandf.net/books/details/9780415645126/

Reforms in Greece

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Tuesday, March 10th, 2015

Letter from Francesco Caselli in today’s FT here. (His earlier paper on political economy of the Greek crisis is here.)

Op-Ed from Marcel Fratzscher here.

ECB Analysis of Virtual Currency Schemes

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Tuesday, March 3rd, 2015

New report here.

The Szasz Doctrine

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Saturday, February 21st, 2015

Ashoka Mody writes here.