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Latest Posts
  • The Dalio fallacy – explaining bond markets
  • Cryptocurrencies, the most important paper in economics, and an ad hoc bond market
  • Net zero has little to fear from populism
  • Reframing climate policy: a reply to Simon Wren-Lewis

Author Eric Lonergan

Eric Lonergan

Eric Lonergan is a macro hedge fund manager, economist, and writer. His most recent book is Supercharge Me, co-authored with Corinne Sawers. He is also author of the international bestseller, Angrynomics, co-written with Mark Blyth, and published by Agenda. It was listed on the Financial Times must reads for Summer 2020. Prior to Angrynomics, he has written Money (2nd ed) published by Routledge. He has written for Foreign Affairs, The Financial Times, and The Economist. He also advises governments and policymakers. He first advocated expanding the tools of central banks to including cash transfers to households in the Financial Times in 2002. In December 2008, he advocated the policy as the most efficient way out of recession post-financial crisis, contributing to a growing debate over the need for ‘helicopter money’.

1884 Imperial Government of Japan bond certificate: the Unregistered Kinsatsu Exchange Bond, 100 yen, 6 per cent

The Dalio fallacy – explaining bond markets

Eric Lonergan
4th October 2026
Finance & Asset Pricing
The bear market in bonds is a trend, with three fundamental causes The most under-appreciated feature of the current bear market in bonds is also the most obvious one. Trend. That trend drives asset pric...

Cryptocurrencies, the most important paper in economics, and an ad hoc bond market

Eric Lonergan
28th June 2026
Monetary Policy
Perhaps the most important economics research paper in several decades was recently published in the Journal of Economic Perspectives, and it has largely gone unnoticed. It reveals that the Japanese governmen...

Highs & lows of economics: Kilkenny, crypto, and inflation

Eric Lonergan
13th November 2022
Austerity, Climate policy, Economic History, Monetary Policy, Theory & Other Problems
Economics keeps letting me down. The decade or so following the financial crisis spawned thousands of papers researching the financial system. I had a sinking feeling that none of it would help. Policy-making ...

Euro crisis II

Eric Lonergan
12th June 2022
Finance & Asset Pricing, Monetary Policy, Money in Europe
1
Euro crisis II has started. The good news is that we have been here before, so we have learnt some lessons, the bad news is the that the underlying challenge is far greater: Italy - the likely epicentre of th...

Pandemania

Eric Lonergan
31st January 2021
Economic History, Finance & Asset Pricing
3
When will the GameStop? It is worth reflecting on the first major panic on the New York Stock Exchange in 1901. On that occasion two magnates, James Hill and Edward Harriman, one supported by Standard Oil, the ...

QE is debt reduction

Eric Lonergan
17th January 2021
Helicopter Money, Monetary Policy, Theory & Other Problems
14
QE is not a liability transformation - it is debt reduction The remuneration of bank reserves has been a source of significant analytical confusion among economists. This arcane technicality matters far more t...

Marx has the last laugh

Eric Lonergan
26th July 2020
Economic History, Finance & Asset Pricing, Theory & Other Problems
2
I cannot think of a better interlocutor than Chris Dilow. He raises another set of interesting questions in his reply to my reply. I am in danger of completely forgetting our original divergence of thought, but...

Angrynomics: a reply to Chris Dillow

Eric Lonergan
25th July 2020
Economic History, Theory & Other Problems, Uncategorised
3
Chris Dillow writes perhaps the most interesting economics blog I know. Its scope is considerable, and despite his declaration of bias - he self-identifies as a ‘marxist’ - he is typically empirical. His recent...

Policy needs to pivot post-lockdown

Eric Lonergan
20th May 2020
Austerity, Helicopter Money, Monetary Policy, Money in Europe
1
Post-lockdown the economy will need a different kind of stimulus The role of monetary and fiscal policy during lockdown was to sustain household and corporate cashflows in the face of an intentional freezing o...

Helicopter money as Covid response

Eric Lonergan
27th April 2020
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
Here are my slides from the Rebuilding Macro workshop on helicopter money....
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Insights into your inbox

Reviews of Eric’s book

  • Reviews of Eric’s book

    Eric Lonergan
    9th August 2014

In the press

  • CNBC: market sell-off is ‘noise’

    Eric Lonergan
    17th February 2018

  • Monetary policy & babysitting: why rates are so low, and ‘what’s next?’

    Eric Lonergan
    7th August 2016
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