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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’.

Fiscal subservience – a reply to Chris Sims

Eric Lonergan
16th September 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
Chris Sims is a deeply thoughtful economist and his paper at the recent Jackson Hole conference has rightly received a lot of attention, notably from Gavyn Davies, in the FT, and Paul Krugman. It is simultan...

There is no r*

Eric Lonergan
13th September 2016
Monetary Policy, Theory & Other Problems, Uncategorised
Like many economists, I have been trapped into thinking that there is an equilibrium real rate of interest - a level of the policy rate consistent with stable inflation, a closed output gap, or full employment....

Brexit: everyone got it wrong

Eric Lonergan
6th September 2016
Austerity, Economic History, Sample Of One
'Brexit' means brexit. Why do I have a feeling some Leavers will end up saying 'we never left', and some Remainers will say the same. The opposite is also likely. Some Leavers and Remainers will agree: Brexit d...

There is no shortage of safe assets – a short proof

Eric Lonergan
23rd August 2016
Definitions of Money, Finance & Asset Pricing, Theory & Other Problems
Safe assets are bunds, treasuries, gilts, JGBs and other government bonds issued by large developed economies. In one sense, they actually are ‘safe’ assets. They are typically negatively correlated with risk a...

Institutions matter

Eric Lonergan
21st August 2016
Definitions of Money, Economic History, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
13
The monetary & fiscal distinction revisited Monetary policy involves changes in the supply of base money and is carried out by central banks. Fiscal policy involves taxation, spending and transfers carried o...

Eight pitfalls to avoid in the helicopter money debate

Eric Lonergan
19th August 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
15
Learn first, then teach Professors Stephen Cecchetti and Kermit Schoenholtz are the latest to opine on the subject of helicopter money. It is worth quoting from their opening paragraphs, it frees me up to re...

The Best of Brexit

Eric Lonergan
7th August 2016
Economic History, Sample Of One
5
The Best of Brexit Perhaps the best thing to have come out of Brexit has been the writing. So here is a collection of my personal favourites. There are serious omissions - so feel free to suggest additions i...

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

Eric Lonergan
7th August 2016
Definitions of Money, Helicopter Money, Monetary Policy, Press
...

Monetary policy: transparency or obfuscation?

Eric Lonergan
5th August 2016
Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
1
We live in a era where monetary policy is more transparent than ever - if measured by press conferences, publication of minutes and individual policy-makers forecasts. At the same time, the behaviour of cent...

A brief reply to Paul Krugman on policy equivalence, h/t Brad DeLong

Eric Lonergan
31st July 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
30
Brad DeLong has revived an old piece by Paul Krugman on helicopter money (HM), which is correct in one sense, but I also think completely misses the point. Cutting to the chase, I recently attended a very au...
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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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