Michael McGrath (Cork South Central, Fianna Fail)
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Professor Ahearne is very welcome. I will start with the September 2005 study he did with his colleagues in the Federal Reserve. He looked at 44 episodes of house price booms and busts in 18 advanced countries since 1970. If he were to go back to update the study in light of what has happened in Ireland in recent years, where would Ireland stand or rank in the context of the countries he studied?