Blog - Page 13 of 17 - Philosophy of Money

A short reply to Tony Yates (on helicopters)

7th April 2015

Tony Yates is a superb economist and has a great blog. He also tends to be relentlessly logical. But his argument against helicopter drops is a rare exception. He makes three points: “I’m against helicopter dr...

The “Pigou effect” is smarter than you think, and more relevant than ever

Eric Lonergan

5th April 2015

Economic History, Helicopter Money, Monetary Policy, Theory & Other Problems

6

I was taught to dismiss the Pigou effect. Arthur Cecil Pigou (or “Pig” if you believe spell-check) was a great Cambridge economic theorist, known to most of us as the object of Keynes’s repeated ridicule in the...

Microfoundations: a brief reply to Brad

Eric Lonergan

4th April 2015

Theory & Other Problems

The question of microfoundations raised by Brad DeLong, and discussed by Simon Wren-Lewis is more relevant to the current policy failures in monetary policy than it appears. Simon, who’s blog is a breath of fre...

Was Milton Friedman the last economist?

Eric Lonergan

3rd April 2015

Economic History

7

Macroeconomics can lead policy-making or it can follow it. Since Milton Friedman, and Robert Lucas, it has been following. Friedman was an important macroeconomist because he diagnosed what was failing in the ...

Eurozone QE clears the way for tax cuts

Eric Lonergan

20th January 2015

Monetary Policy, Money in Europe

In a very clear analysis, Paul de Grauwe shows how QE could work in the Eurozone. National central banks, or the ECB, would buy government bonds in proportion to member states’ share of ECB capital. National go...

The Constant Reserves Multiplier

Eric Lonergan

15th January 2015

Helicopter Money, Money in Europe

Central banks should pursue simpler, less costly and more effective policies. If policymakers want higher spending, they should transfer cash directly to households. Some advocates of helicopter drops have arg...

Why is money not a debt? Because you can’t smoke it.

Eric Lonergan

9th January 2015

Definitions of Money

3

Money is not a cigarette: the definition of money, and why it matters read more...

Talk at IIEA (part II)

Eric Lonergan

9th January 2015

Money in Europe

Can QE save the Eurozone? Talk at the IIEA in Dublin IIEA part II...

Use the equity risk premium to reduce inequality

Eric Lonergan

4th January 2015

Articles

Harvard Business Review, January 2015 With Mark Blyth: governments should exploit the excess return of equities over bonds to buy assets for 80% of the population Read on......

Further thoughts on TZB

Eric Lonergan

3rd January 2015

Helicopter Money, Money in Europe

3

This way of framing the problem also provides an administrative alternative for the ECB to effect cash transfers. Rather than posting checks to households, it could launch an ATLTRO - a TLTRO for all. Under thi...

A short reply to Tony Yates (on helicopters)

The “Pigou effect” is smarter than you think, and more relevant than ever

Microfoundations: a brief reply to Brad

Was Milton Friedman the last economist?

Eurozone QE clears the way for tax cuts

The Constant Reserves Multiplier

Why is money not a debt? Because you can’t smoke it.

Talk at IIEA (part II)

Use the equity risk premium to reduce inequality

Further thoughts on TZB

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

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