Blog - Page 3 of 12 - Philosophy of Money

Eight pitfalls to avoid in the helicopter money debate

19th August 2016

Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems

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...

Fiscal policy: a brief reply to Duncan Weldon

Eric Lonergan

28th July 2016

Austerity, Finance & Asset Pricing, Helicopter Money, Monetary Policy

6

Duncan Weldon has written a very perceptive blog, arguing that helicopter money is ‘a solution in search of a problem’ - what we really need is effective fiscal policy. In one sense, Duncan is spot on. A smart ...

There are two types of negative interest rates

Eric Lonergan

19th July 2016

Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe

8

One works, the other doesn't Central banks typically alter monetary policy through the price of credit (interest rates) and the provision of credit (usually lending to banks against collateral). Central banks...

Old myths, new problems – interpreting a British referendum

Eric Lonergan

26th June 2016

Economic History, Money in Europe, Sample Of One

4

The myth of national identity One consequence of the end of the Cold War was the re-emergence of nationalism in European politics. It was not the “End of History”, but reversion to the mean. Nationalism is...

Bored by Borio

Eric Lonergan

27th May 2016

Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe

3

Claudio Borio, and his colleagues, incinerate a straw man. Helicopter money - sensibly defined - does not involve any new commitments about future monetary policy. So Borio's arguments are not even relevant. ...

Helicopter money is different

Eric Lonergan

24th May 2016

Definitions of Money, Helicopter Money, Monetary Policy, Theory & Other Problems

31

The discussion of helicopter money may have moved from the periphery of the policy debate to its centre. Unfortunately, analytical confusion seems correlated with interest levels. Keynes once remarked that w...

Eight pitfalls to avoid in the helicopter money debate

The Best of Brexit

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

Monetary policy: transparency or obfuscation?

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

Fiscal policy: a brief reply to Duncan Weldon

There are two types of negative interest rates

Old myths, new problems – interpreting a British referendum

Bored by Borio

Helicopter money is different

Reviews of Eric’s book

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

Simon Jenkins decides I’m an American, Guardian (2014)