The Constant Reserves Multiplier
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.
Money is not a cigarette: the definition of money, and why it matters
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Talk at IIEA (part II)
Can QE save the Eurozone? Talk at the IIEA in Dublin IIEA part II...
Use the equity risk premium to reduce inequality
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
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...
We are nowhere near the zero bound
We need more cash, not less.
Many economists just assume that central banks have hit “the zero bound” on interest rates and that conventional policy is thereby exhausted. Take Ken Rogoff’s bizarre proposal as a...
Interview in Vox
Interview with Dylan Matthews of Vox, on this and other matters including Kalecki, Chinese food and democracy ...Vox...
Foreign Affairs: print less, transfer more
In Foreign Affairs, Mark Blyth and I map out a plan to end recessions and broaden equity ownership - without raising taxes. Read the full article here....
Talk at IIEA
Can QE save the Eurozone? Talk at the IIEA in Dublin IIEA part I...
Talk at the IIEA in Dublin: Can QE save the Eurozone?
Talk at the IIEA in Dublin: Can QE save the Eurozone?
About the Speech:
In this address, Eric Lonergan clarified the distinction between monetary and fiscal policy and demonstrated how European institutio...