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Definitions of Money

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Definitions of Money

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...

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
...

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...

There are two types of negative interest rates

Eric Lonergan
19th July 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
9
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...

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...

Bernanke’s four errors

Eric Lonergan
12th April 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
11
I am a huge fan of Ben Bernanke. He can take a significant amount of personal credit for preventing a depression. Also, The Courage to Act is a superb book. Disappointingly, Ben’s latest contribution to the ...

No expectations

Eric Lonergan
6th April 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
18
Nick Rowe and his colleagues in Canada have a superb blog. If you’re interested in economics and don't already follow it - take a look. Recently, Nick and I have been discussing the relevance of ‘permanence...

Is it permanent? A reply to Nick Rowe

Eric Lonergan
4th April 2016
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
7
Nick Rowe has written a typically-lucid note which makes clear why it might make a difference to consumer behaviour if a tax cut is permanent, or temporary. To this extent, we are in full agreement: giving some...

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...
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Reviews of Eric’s book

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    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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