About the authors
Alan Ahearne is a Professor and the Head of Economics at the National University of Ireland, Galway. He is a member of the Board of the Central Bank of Ireland and has served as adviser to the IMF. He is Chairman of the ESRI and Department of Finance Joint Research Programme on the Macro-economy and Taxation.
Alan served as economic adviser to Ireland’s former Minister for Finance Brian Lenihan from 2009 to 2011.
Alan obtained his PhD from Carnegie Mellon University (in Pittsburgh) in 1998 and subsequently joined the Federal Reserve Board in Washington, where he worked as a Senior Economist for seven years.
His research at Bruegel has focused on macroeconomics, international finance and public policy, including macroeconomic adjustment in the euro area, reform of the euro area and governance of the EU, global current account imbalances, housing booms and busts, and the international experience with banking and financial crises.
The promissory note deal announced last week by the Irish government and the Central Bank of Ireland will bring benefits to Ireland’s public finances
The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and c