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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’.

Buffett v the Landesbank – the US gets paid to have a trade deficit

Eric Lonergan
26th March 2016
Economic History, Finance & Asset Pricing, Theory & Other Problems
28
It remains conventional wisdom that the US current account deficit is the accumulation of a debt that will one day need to be repaid. There are very good reasons to believe this is false. The US in fact has ne...

Nothing is permanent

Eric Lonergan
5th March 2016
Monetary Policy, Theory & Other Problems
14
To borrow a disparaging phrase from Paul Krugman, the concept of 'permanence' in economics seems “to have a special ability to create intellectual confusion, even in smart people.” Personally, I don't reall...

The BoJ has started helicopter drops

Eric Lonergan
26th February 2016
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
27
Oddly, some economists think that helicopter drops are either beyond the capacity of central banks or highly unlikely. Neither is true - they have already started. It is now clear that the Bank of Japan is e...
Keynes and Friedman

Legal helicopter drops in the Eurozone

Eric Lonergan
24th February 2016
Helicopter Money, Monetary Policy, Money in Europe
16
Helicopter drops in the Eurozone may be a legal obligation of the European Central Bank (ECB). The laws governing the ECB are extremely clear, and repeat three features which policy must comply with: 1. T...

There is a lot more the ECB can do

Eric Lonergan
23rd February 2016
Monetary Policy, Money in Europe
2
So far, the debate on negative interest rates completely misses the point. If the private sector could borrow at long maturities at negative interest rates, banks could be profitable, and savers didn't experien...

The economics of language: David Hume & valuing Facebook

Eric Lonergan
19th February 2016
Definitions of Money, Economic History, Theory & Other Problems
14
David Hume is the first great thinker to identify language, law and money as 'spontaneous' institutions of social organisation. Hume was on to something quite profound, which remains under-appreciated. Langu...

Debt-free money: A brief reply to Randall Wray

Eric Lonergan
16th February 2016
Definitions of Money, Monetary Policy
26
L. Randall Wray is exercised by my suggestion that he has engaged in semantic sleight-of-hand. To summarise my argument: it is an obvious fact that a ten dollar bill is not a debt - because the issuer owes the...

Accounting as religion: Buffett, Derrida, and MMT

Eric Lonergan
17th January 2016
Definitions of Money, Economic History, Theory & Other Problems
89
A number of my recent posts seem to have wound up some of the more sensitive ‘mainstream’ economists, who don't like the suggestion that the likes of Minsky deserve their own 'school’. Some philosophers of sc...

More on eclecticism

Eric Lonergan
15th January 2016
Economic History, Theory & Other Problems
“Experience has shown that Mother Nature is eclectic” - Paul Samuelson This recent blog on the merits of eclecticism in macroeconomics seems to have resonated. It follows a theme Dani Rodrik has advocate...

Paul Krugman is right – our models may be better than Larry’s instincts

Eric Lonergan
12th January 2016
Economic History, Finance & Asset Pricing, Money in Europe, Uncategorised
The debate between Larry Summers, Brad DeLong and Paul Krugman over models and confidence is summarised excellently by Martin Sandbu. On one point, Krugman is absolutely right: there was never any reason to be ...
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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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