Eric Lonergan is a macro fund manager, economist, and writer. His most recent book is Money (2nd ed) published by Routledge. He is also a supporter of Big Issue Invest (BII), the investment arm of The Big Issue, and is one of the initial limited partners in BII’s Social Enterprise Investment Fund LP. In a personal capacity, he makes direct investments in social enterprises. He also supports and advises The Empathy Museum.
This week’s policy decision by ECB is historic. For some time now, a number of economists have suggested that dual interest rates are the logical next step in the arsenal of central banks. Dual interest rates r...
An ‘Either-Or’ approach to fiscal and monetary policy is mistaken
Larry Summers has delivered a pointed and sweeping critique of the prevailing consensus among central bankers. He rightly asserts that relian...
Should the government run a budget deficit or a budget surplus? What size should the deficit or surplus be?
Devising a rule which allows the public to assess the integrity of government is a major challenge...
Only two of the world’s major economic blocks appear to have cyclical autonomy - China and the United States. For many decades now, Japan’s ability to stimulate domestic demand has been trivial relative to cycl...
Three validity claims
The German social scientist, Jürgen Habermas, has just turned ninety. It is an odd reflection on our times that he is not renowned. In an age of academic specialisation this may reflect o...
The future of monetary policy - Dual interest rates
The significance of dual interest rates remains under-appreciated. The European Central Bank, Bank of Japan, and the Bank of England’s facilities are by fa...
Eurozone growth has stalled and inflation is below the ECB’s definition of price stability. As the recent actions of ECB make clear, further monetary easing is necessary for the ECB to fulfil its mandate.
Un...
The crux of the MMT debate
This recent article by Stephanie Kelton is crystal clear and reveals the crux of the ‘MMT debate’. It’s all about central bank independence.
Also listen to this INET interview wi...