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Exchange rate policy when the labour market exhibits hysteresis

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  • Frank Barry

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.

Suggested Citation

  • Frank Barry, 1994. "Exchange rate policy when the labour market exhibits hysteresis," Working Papers 199414, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199414
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    File URL: http://hdl.handle.net/10197/1758
    File Function: First version, 1994
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    Cited by:

    1. Frank Barry, 2001. "Regional Characteristics, Monetary Union and Regional Income Volatility," Working Papers 200111, School of Economics, University College Dublin.
    2. Frank Barry, 2001. "Openness, the Phillips Curve and the cost of relinquishing the currency," Working Papers 200105, School of Economics, University College Dublin.

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