Is Ireland really the role model for austerity?

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Abstract

This paper describes the causes and consequences of Ireland's economic crisis in the context of the policy solution implemented to contain that crisis: protracted fiscal austerity. I describe the causes of the recent crisis in Ireland and look at the logic of austerity with a simple model. I compare the current crisis to the crisis of the 1980s, when fiscal austerity was touted as the trigger for the Celtic Tiger. I discuss the measures implemented to date in the current crisis, tracing their effects on sectors of Ireland's macroeconomy. I show that Ireland is not the role model for austerity policies.

Original languageEnglish
Pages (from-to)223-235
Number of pages13
JournalCambridge Journal of Economics
Volume36
Issue number1
DOIs
Publication statusPublished - 1 Jan 2012

Keywords

  • Austerity
  • Fiscal policy
  • Ireland
  • Monetary policy

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