Exchange rate policy when the labour market exhibits hysteresis

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Title: Exchange rate policy when the labour market exhibits hysteresis
Authors: Barry, Frank
Permanent link: http://hdl.handle.net/10197/1758
Date: Aug-1994
Abstract: This paper analyzes the effects of exchange rate shocks in a small open economy whose labor market exhibits hysteresis. The model is used to highlight deficiencies in the response of the Irish authorities to exchange rate crisis of 1992/93. A secondary purpose of the paper, though, is to induce those who accept that the Irish labour market is characterised by hysteresis but who reject the argument made here that a more aggressive devaluation should have been pursued, to spell out the labour-market model upon which their policy prescriptions are based.
Type of material: Working Paper
Publisher: University College Dublin. School of Economics
Subject LCSH: Foreign exchange rates
Ireland--Economic policy
Labor market--Ireland
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Economics Working Papers & Policy Papers

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