Morgan Kelly (economist)

Morgan Kelly is Professor of Economics at University College Dublin (UCD). Described by The Irish Times as the country's official soothsayer,[1] Kelly notably predicted the bursting of the Irish property bubble.

This article is about UCD's Professor of Economics. For the Canadian actor, see Morgan Kelly.
Morgan Kelly
Alma materTrinity College Dublin,
Yale University
OccupationAcademic
EmployerUniversity College Dublin (UCD)
Known forPredicting the end of the Irish property bubble

Background

Kelly studied at Trinity College Dublin being elected to scholarship in 1982 and graduating in economic and social studies with a gold medal in 1984.[2] He subsequently studied in Yale University in the United States. He was Assistant Professor at Cornell University, College Lecturer at UCD and is now Professor at UCD. He has refereed numerous international economic journals.[3]

Predictions
Main article: Irish property bubble

Kelly predicted in 2006 that property prices were going to crash by 50% based on empirical evidence of past property crashes. Kelly has garnered praise from fellow economists for his prediction of the collapse of the property market.[4]

In July 2007, Taoiseach Bertie Ahern implicitly criticised Kelly for his articles predicting a property crash:

Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something.[5]

Ahern subsequently apologised for the reference to suicide in his remark.[6][7]

Kelly takes the view that the Irish state should not have put itself forward as guarantor for the Irish banks in September 2008.[8]

As of May 2011, Kelly suggests that bankruptcy for the state of Ireland is a possibility.[9]

References
  1. "A handful of winners and a lot of losers populated Ireland's bleak landscape this year". The Irish Times. Irish Times Trust.
  2. List of Scholars
  3. "UCD School of Economics". University College Dublin.
  4. Kelly, Morgan (28 December 2006). "How the housing corner stones of our economy could go into a rapid freefall". The Irish Times. Retrieved 21 April 2015.
  5. McDermott, Peter (14 December 2010). "Less dogma, more dialogue needed in economics". The Irish Echo. New York. OCLC 4988765.
  6. Freefall, RTÉ Television. Broadcast September 2010.
  7. Murphy, Claire (27 August 2010). "Bertie blames banks for all our cash woes". Evening Herald. herald.ie. Retrieved 27 August 2010.)
  8. Kelly, Morgan (10 November 2010). "Op-Ed piece". The Irish Times. Irish Times Trust. Retrieved 10 November 2010.
  9. Kelly, Morgan (14 May 2011). "Op-Ed piece". The Irish Times. Irish Times Trust. Retrieved 14 May 2011.
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