Archive for the ‘Uncategorized’ Category

IEA 2015 Conference

By

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?

By

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

By

Tuesday, March 24th, 2015

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

Mortgage Debt Restructuring

By

Tuesday, March 24th, 2015

Eamon Quinn writes in The Irish News here.

2 Lectureships in Economics at UL

By

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

By

Thursday, March 19th, 2015

New analysis by Eddie Casey and Diarmuid Smyth here.

Cyprus and Greece

By

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’

By

Friday, March 13th, 2015

Here.

Missing Money

By

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

By

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

By

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

By

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

By

Tuesday, March 3rd, 2015

New report here.

The Szasz Doctrine

By

Saturday, February 21st, 2015

Ashoka Mody writes here.

US: 2015 Economic Report of the President

By

Friday, February 20th, 2015

This report is the primary ‘academic’ publication of the US administration – tons of interesting material here.

Job Openings for Post-Doctoral Research Fellows

By

Wednesday, February 18th, 2015

The ESRI has recently posted an advertisement for post-docs in Economics in a range of areas. Detailed information is available here.

We would be grateful if you could forward the link to any potentially suitable candidates you may know of.

Letter from Mario Draghi

By

Wednesday, February 18th, 2015

ECB President Mario Draghi wrote to MEP Matt Carthy on ”several aspects of the Irish adjustment programme”. Available here.

Data Set on Irish Banks

By

Monday, February 16th, 2015

I have posted the underlying data used in my recent SSISI paper here.

New Cormac O’Grada Book on Famine

By

Saturday, February 14th, 2015

Eating People Is Wrong, and Other Essays on Famine, Its Past, and Its Future

Famines are becoming smaller and rarer, but optimism about the possibility of a famine-free future must be tempered by the threat of global warming. That is just one of the arguments that Cormac Ó Gráda, one of the world’s leading authorities on the history and economics of famine, develops in this wide-ranging book, which provides crucial new perspectives on key questions raised by famines around the globe between the seventeenth and twenty-first centuries.

The book begins with a taboo topic. Ó Gráda argues that cannibalism, while by no means a universal feature of famines and never responsible for more than a tiny proportion of famine deaths, has probably been more common during very severe famines than previously thought. The book goes on to offer new interpretations of two of the twentieth century’s most notorious and controversial famines, the Great Bengal Famine and the Chinese Great Leap Forward Famine. Ó Gráda questions the standard view of the Bengal Famine as a perfect example of market failure, arguing instead that the primary cause was the unwillingness of colonial rulers to divert food from their war effort. The book also addresses the role played by traders and speculators during famines more generally, invoking evidence from famines in France, Ireland, Finland, Malawi, Niger, and Somalia since the 1600s, and overturning Adam Smith’s claim that government attempts to solve food shortages always cause famines.

Thought-provoking and important, this is essential reading for historians, economists, demographers, and anyone else who is interested in the history and possible future of famine.

Cormac Ó Gráda is professor emeritus of economics at University College Dublin. His books include Famine: A Short History and Black ’47 and Beyond: The Great Irish Famine in History, Economy, and Memory (both Princeton).

Framing a Greek Deal

By

Monday, February 9th, 2015

Bill Emmott writes in the FT here.

OECD 2015 Going for Growth Report

By

Monday, February 9th, 2015

here.

Are Economists Overrated?

By

Monday, February 9th, 2015

NY Times debate here.

GDP-indexed bonds; ECB and Greece

By

Friday, February 6th, 2015

Economist article on economics of GDP-indexed bonds here.

FT editorial on ECB and Greece here.

MGI: Debt and (not much) deleveraging

By

Thursday, February 5th, 2015

The latest report on global debt levels and deleveraging from McKinsey Global Institute: here.

Pawn to King Four

By

Wednesday, February 4th, 2015

The ECB has tonight withdrawn the eligibility as collateral for ‘normal’ liquidity provision of self-issued Greek bank paper guaranteed by the Greek government, effective February 11th. The banks must henceforth rely on ELA from the Greek central bank, permission for which is reviewed fortnightly by the ECB, next meeting February 18th. The ECB statement contains this sentence:

‘The Governing Council decision is based on the fact that it is currently not possible to assume a successful conclusion of the programme review and is in line with existing Eurosystem rules.’

Note that the decision is based on a fact! The opinion formed, presumably today, that the programme review may not be successfully completed, was reasonable yesterday and the day before, but has miraculously assumed the status of a fact this evening.

Surely the ECB would not deliberately encourage a run on the banks (presumed solvent, rightly or wrongly, if they are to be ELA-eligible) in a member state? Whaddya mean they did it before?

Michael Noonan: Opening Statement on Dáil Éireann Private Members Motion – Debt Conference

By

Wednesday, February 4th, 2015

Here.

DoF/NTMA Updates

By

Wednesday, February 4th, 2015

IMF Surveillance in Europe

By

Tuesday, February 3rd, 2015

ECB OP here.

Rogoff on Greece

By

Monday, February 2nd, 2015

here.

Ideological Differences between Economists

By

Monday, February 2nd, 2015

Scott Sumner provides a valuable discussion of the shifting ideological biases of American economists in this piece.