Morgan Kelly is Professor of Economics at

University College Dublin University College Dublin (commonly referred to as UCD) ( ga, Coláiste na hOllscoile, Baile Átha Cliath) is a public research university in Dublin, Ireland, and a collegiate university, member institution of the National University of Ireland ...

(UCD). Described by ''

The Irish Times ''The Irish Times'' is an Irish daily broadsheet newspaper and online digital publication. It launched on 29 March 1859. The editor is Ruadhán Mac Cormaic. It is published every day except Sundays. ''The Irish Times'' is considered a newspaper ...

'' as the country's official soothsayer, Kelly notably predicted the bursting of the

Irish property bubble The Irish property bubble was the speculative excess element of a long-term price increase of real estate in the Republic of Ireland from the early 2000s to 2007, a period known as the later part of the Celtic Tiger. In 2006, the prices peaked ...

Background

Kelly studied at

Trinity College Dublin , name_Latin = Collegium Sanctae et Individuae Trinitatis Reginae Elizabethae juxta Dublin , motto = ''Perpetuis futuris temporibus duraturam'' (Latin) , motto_lang = la , motto_English = It will last i ...

being elected to scholarship in 1982 and graduating in economic and social studies with a gold medal in 1984. He subsequently studied in

Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the wo ...

in the United States. He was assistant professor at

Cornell University Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to teach an ...

, College Lecturer at UCD and is now Professor at UCD. He has refereed numerous international economic journals.

Predictions

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. In July 2007,

Taoiseach The Taoiseach is the head of government, or prime minister, of Republic of Ireland, Ireland. The office is appointed by the president of Ireland upon the nomination of Dáil Éireann (the lower house of the Oireachtas, Ireland's national legisl ...

Bertie Ahern Bartholomew Patrick "Bertie" Ahern (born 12 September 1951) is an Irish former Fianna Fáil politician who served as Taoiseach from 1997 to 2008, Leader of Fianna Fáil from 1994 to 2008, Leader of the Opposition from 1994 to 1997, Tánaiste a ...

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.

Ahern subsequently apologised for the reference to suicide in his remark. Kelly takes the view that the Irish state should not have put itself forward as guarantor for the Irish banks in September 2008. As of May 2011, Kelly suggests that bankruptcy for the state of Ireland is a possibility.

References

External links

Professor Morgan Kelly
at

{{DEFAULTSORT:Kelly, Morgan Year of birth missing (living people) Living people Post-2008 Irish economic downturn Academics of University College Dublin Alumni of Trinity College Dublin Cornell University faculty Irish columnists 20th-century Irish economists Scholars of Trinity College Dublin The Irish Times people Yale University alumni 21st-century Irish economists Place of birth missing (living people)