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ECON 20060 The Irish Economy

ECON 20060 The Irish Economy. 2014/15. Lecturer. Vincent Hogan D205 JHN Building Office Hours: Mon 10am-12 by appointment. Learning Objectives.

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ECON 20060 The Irish Economy

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  1. ECON 20060The Irish Economy 2014/15

  2. Lecturer • Vincent Hogan • D205 JHN Building • Office Hours: • Mon 10am-12 • by appointment

  3. Learning Objectives • This course will use macro economic theory to explain Irish economic performance over the last 30 years. We will also analyse some current economic issues and assess the responses of policy makers to those issues. • In all of this there will be a focus on what governments can and cannot do when it comes to managing the economy.

  4. Specific Questions • Why was Irish economic performance so dismal for so long? • Why did we grow so quickly during then 1990s giving us the Celtic Tiger? • And why did we have to wait so long for it to happen? • Why and how did we let a bubble form in the housing market? • How should we deal with the present crisis?

  5. Style of the Course • Applied course: focus on answering the questions outlined above • course not focused on the presentation of economic models • Nevertheless some economic theory is needed • Mostly first year Macro • The first topic of the course will review a key model: AS-AD • Will also introduce other models as needed them.

  6. Reading Material • Notes will be posted on Course Blog (see later) • Main Text • Macroeconomics: An Irish and European Perspective or • The Macroeconomy of the Eurozone: An Irish Perspective by Leddin, Anthony J, and Walsh, Brendan M. (Gill and Macmillan) 2003

  7. More Readings • Some “pop economics” books are also very useful • The Return of Depression Economics and the Crisis of 2008 by Paul Krugman • Crisis Economics: A Crash Course in the Future of Finance  by NourielRoubini • Irrational Exuberance - by Robert J. Shiller • Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay • Available on Amazon or audible • Some Political and social history as background • Preventing the Future by Tom Garvin (1 Sep 2005)

  8. Websites • There are a couple of useful blogs • www.irisheconomy.ie (high quality debate) • www.ronanlyons.com. (great on property) • http://gregmankiw.blogspot.ie/ • http://krugman.blogs.nytimes.com/ • http://karlwhelan.com • I will add other readings on specific topics as we progress through the course

  9. Outline To be amended as necessary • A Review of basic macro: • The model of everything • A review of Irish economy • Fiscal Policy and Debt • Exchange Rate Policy, Currency Crises & EMU • The Rise of the Celtic Tiger • The Bubble • The Crunch • The Future Performance of the Irish Economy

  10. Assessment • The main Exam in December will be worth 70% • There will be a mid-term assessment (MCQ) in class on October 29th(TBC) which will account for 30% • Economics grade scale is different from much of the rest of UCD but the same as maths

  11. Economics Grade Scale

  12. Course Blog • All course material will be posted on the blog: www.vincenthogan.ie • New material will not be posted on blackboard • Class notes will be posted before class • I will also post audio files of lecture • Most importantly class notices, extra readings etc will be available on the blog

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