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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’.

It’s time for the ECB to use its monetary power

Eric Lonergan
28th March 2019
Helicopter Money, Monetary Policy, Money in Europe
1
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...

A reply to Stephanie Kelton

Eric Lonergan
19th March 2019
Definitions of Money, Monetary Policy, Theory & Other Problems
21
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...

Redesigning monetary policy

Eric Lonergan
6th March 2019
Helicopter Money, Monetary Policy, Money in Europe
1
We need a modern monetary policy (MMP). Policy needs redesigning for three fundamental reasons: Firstly, the mental models for thinking about how the macro-economy in the developed world works have been brok...

Stock prices & r*

Eric Lonergan
28th February 2019
Finance & Asset Pricing, Monetary Policy, Theory & Other Problems
2
Economists pay insufficient attention to asset prices. Ask most economists what the relevance of the bond equity correlation is for fiscal policy and they will be baffled. You’ll be lucky if they know what you’...

The ethics of a Brexit referendum

Eric Lonergan
25th January 2019
Articles, Economic History, Sample Of One
5
The debate over Brexit has been dominated by propaganda. To date, I have had sympathy with the one ethical argument, which has been made most effectively by Mehreen Khan, for leaving the EU. It is shared by man...

Draghi’s law of conditional safety

Eric Lonergan
24th January 2019
Finance & Asset Pricing, Money in Europe
1
Understanding the Eurozone The fundamental macroeconomic policy challenge faced by the Eurozone is how to have a risk free asset - which is essential to the functioning of a modern financial system - while sim...

More on post-interest rate monetary policy

Eric Lonergan
15th December 2018
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
Accounting objections to cash transfers don’t add up, and if CBs bought equity they could reduce inequality There is growing recognition - most recently by Janet Yellen - that should another recession strike...

Functional finance and fiscal rules – a synthesis (Part II)

Eric Lonergan
5th November 2018
Definitions of Money, Helicopter Money, Monetary Policy, Theory & Other Problems
16
Introduction A curious argument has broken out over the Labour’s proposed fiscal rule. Some advocates of functional finance, in particular, have been vociferous in their criticisms. There is scope for a consid...

MMT and fiscal rules (part I) – a prologue

Eric Lonergan
28th October 2018
Definitions of Money, Monetary Policy, Theory & Other Problems
11
When I explained the essential tenets of Modern Monetary Theory (MMT) to Ben Bernanke, over dinner in Washington, he replied somewhat quizzically, “Isn’t that just economics?” In fact, on the accounting treatme...

Why is universalism losing?

Eric Lonergan
12th October 2018
Theory & Other Problems
5
There is a tension in all enlightened ‘identity politics’. How do we combat discrimination without accepting the premise that there is significant difference? And how do we promote universalism without denying ...
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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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