*  *  *  The lecture draws freely on the output of the Research Project “Turning Globalisation to National Advantage: Economic Policy Lessons from Ireland’s Experience”, part-funded by the Irish Council for the Humanities and Social Scientists and led by Profs Frank Barry, John FitzGerald and Iulia Siedschlag and the author.
[5] The explanation is that low-income households are substantially more likely to be unemployed at any point in time: it follows that this group is more likely to benefit from the employment creation triggered by a monetary expansion. Similarly, the elasticity of labour income in relation to changes in aggregate GDP growth is significantly higher for workers in lower-income households.