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Posts from "Tom McDonnell"

Tom McDonnell

Tom McDonnell is Senior Economist at the NERI and is responsible for among other things the NERI's analysis of the Republic of Ireland economy including risks, trends and forecasts. He specialises in economic growth, economics of innovation, Irish and European economies, and fiscal policy. He previously worked as an economist at TASC and before that was a lecturer in economics at NUI Galway and at DCU. He has also taught at NUI Maynooth.

Tom obtained his PhD in economics from NUI Galway. He is a native of Limerick city.

Contact: Tom.McDonnell@NERInstitute.net

Internal Devaluation and the Irish Crisis

Posted on September 23, 2016 by Tom McDonnell

Beckett Bridge
The European Trade Union Institute have published a policy inBrief by Tom McDonnell discussing the Irish economic crisis and its aftermath. You can find it here.

Posted in: Government SpendingIncomeJobsLabour costsMacroeconomicsWages

Opening Statement to the Budgetary Oversight Committee

Posted on September 13, 2016 by Tom McDonnell

Public sector employment
The Select Committee on Budgetary Oversight commenced a series of pre budget hearings last week with contributions from DKM, NERI, the Irish Central Bank, and the ESRI. The hearings will continue this week with contributions from the Fiscal Council and from the European Commission and then next week with contributions from the Minister for Public Expenditure and Reform, the Revenue Commissioners …

Posted in: Government SpendingInvestmentMacroeconomics

Fiscal Space: A Short Primer

Posted on June 23, 2016 by Tom McDonnell

Government Buildings
The parameters for Budget 2017 are set by the requirements of the preventive arm of the Stability and Growth Pact (SGP). The preventive arm is assessed under two main pillars. These are the Structural Balance Rule and the Expenditure Benchmark Rule. A balanced budget in structural terms is a balanced budget after adjusting for the cyclical position of the economy and is calculated net of once-off …

Posted in: Government SpendingInvestmentMacroeconomicsTaxation

Fiscal Space, Irish Water and Water Charges

Posted on March 07, 2016 by Tom McDonnell

Water Network
In an earlier blog I noted that the government's available fiscal space over the next five years, after accounting for demographic costs and the indexing of public spending for inflation, would be somewhere in the region of €2.5 billion to €4.5 billion. The Fiscal Council estimate €3.2 billion. The fiscal pressure eases somewhat if, as expected, the European Commission ends up allowing an …

Posted in: Government SpendingInvestment

Fiscal Rules, Fiscal Space and Growth Friendly Fiscal Policies

Posted on February 12, 2016 by Tom McDonnell

Wealth25Sep
The reformed Stability and Growth Pact (SGP) and the creation of the Irish Fiscal Advisory Council (IFAC) have enhanced supervision of Irish fiscal policy and reduced the range of feasible fiscal stances an Irish government can promise or take. This new reality was brought into sharp focus with the recent debate about 'fiscal space'. The fiscal space represents the projected amount of additional …

Posted in: Government SpendingInvestmentMacroeconomicsTaxation

Euro Crisis: Causes and Some Solutions

Posted on February 01, 2016 by Tom McDonnell

50 cent 2
The euro crisis may be burning at a low heat but that doesnt mean the euro area is any better designed than it was six months ago. The latest NERI inBrief and accompanying working paper and presentation discuss the causes of the euro crisis. They argue that long-term success and stability for the currency union depends on the implementation of a package of complementary policy reforms. Policies …

Posted in: Macroeconomics

NERI Labour Market Conference 2016

Posted on January 26, 2016 by Tom McDonnell

University of Limerick
Call for papers The fourth annual NERI Labour Market Conference will be held on Friday 13th May in association with University of Limerick Department of Economics at the Kemmy Business School . The conference will run from 11:00am-16.30pm and will include research papers on various aspects of the Irish labour market and Irish labour market policy. The NERI Labour Market Conference is intended to …

Posted in: Jobs

Euro Crisis: Causes and Fixes

Posted on January 15, 2016 by Tom McDonnell

Euro coin
The euro crisis was and remains a system problem. The roots of the crisis lie in a series of structural flaws in the architecture of European Monetary Union including in its design, construction and implementation. Notable design flaws include the absence of a centrally run banking union to accompany currency union, the absence of a fiscal mechanism to soften asymmetric shocks, and the absence of …

Posted in: Macroeconomics

Low tax, low spend?

Posted on January 06, 2016 by Tom McDonnell

twenty euro close up
The NERI’s Quarterly Economic Facts contains a range of indicators on the public finances. One of these indicators compares levels of government revenue and public spending in the Republic of Ireland (Ireland) with that of other EU economies. The basic method of comparison is to measure total government revenue and total public spending as percentages of GDP. Total general government revenue is …

Posted in: Government SpendingTaxation

The Flawed currency union

Posted on November 27, 2015 by Tom McDonnell

shutterstock_148099793-680x400
In the NERI's Quarterly Economic Facts we often compare Irish performance against that of other EU or Euro area countries, for example in areas like the general government balance. While an interesting exercise in itself it is sometimes more useful to sit back and reflect on the bigger picture. The fact is that the Euro area has, in aggregate, underperformed against the United States, as well …

Posted in: Macroeconomics

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