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International Monetary Economics students, have a look at this blog, which I recommend you read regularly from now on. 

Currently there is approx €49bn outstanding in ELA issued by the Central Bank of Ireland, which is reported in the ‘other assets’ column of the CBI’s monthly financial statement (Xcel). (The current total of that column is €51bn, but there has always been a general balance of at least €2bn there since 2003, so safe to take that off the total.)

ELA has recently gained some traction in the market, most particularly after this notefrom Willem Buiter at Citi (massive H/T to ftAlphaville )

So, has the Irish Central Bank taken on €49bn worth of dodgy assets that is likely to blow up in its face, and should the €49bn be added to the Irish national debt, as it is the Irish state (via the minister for finance) that is ultimately on the hook for any Central bank losses?

Also, an excellent summary of the progress in macroeconomics since the publication of the General Theory 75 years ago is here.

  Posts

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December 10th, 2019

Using Social Media to Boost your profile

My talk for the social media summit is here. 

November 5th, 2019

Innospace UL talk

Thanks for the invitation to speak, the whole talk is here. 

October 9th, 2019

Understanding the macroeconomy podcast

I really enjoyed my interview with Dr Niall Farrell of the Irish Economics Podcast. You can listen to it here:

September 15th, 2018

Identifying Mechanisms Underlying Peer Effects on Multiplex Networks

New paper with Hang Xiong and Diane Payne just published in JASS: Abstract: We separately identify two mechanisms underlying peer […]

March 24th, 2018

Capital inflows, crisis and recovery in small open economies

Our latest paper, and my first with my Melbourne School of Government affiliation (plus my UL one, of course) is […]

March 7th, 2018

Southern Charm

What's it like working at Australia's number one university, ranked 23rd in the world for social sciences? It's pretty cool, […]

February 7th, 2018

Freedom interview

I did an interview for an app I love using called Freedom. Basically I pay them to block off the […]

December 10th, 2017

Marian Finucane Interview

I did a fairly long interview about the experience of moving to Australia with my family. You can listen here.

November 17th, 2017

Increasing wages for macroeconomic stability

My first piece for the conversation is here. I'm arguing the economy would benefit from wage increases, paid for from […]

November 14th, 2017

Health Workforce Planning Models, Tools and Processes: An Evidence Review

Below is my recorded talk, here are my slides, and the handout for the 4th Global Forum on Human Resources for […]

October 5th, 2017

Aalborg Keynote

My talk from the fourth Nordic Post Keynesian conference is up. The full list of keynotes is here.

October 1st, 2017

AIST Debt and Demography talk

(Apparently Limerick is in the UK now!)

September 7th, 2017

My AIST Keynote: Europe Exposed

In which a camera man faints halfway through--he's OK though, I checked afterwards!

July 22nd, 2017

MacGill Summer School Speech

My speech at the MacGill Summer School is here. Thanks to Joe Muholland for inviting me to speak.

May 25th, 2017

Business Post Articles

All my Sunday Business Post articles (back to 2014/5, when I joined the paper) are available here, behind a paywall, and […]

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