Economic History Archives - Page 2 of 4

MMT part III – conclusion, and a conversation with Ben Bernanke

20th October 2017

Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems

My last two blogs have revisited the issue of whether or not base money is a liability of the state. The issue played a central role in a discussion over the future of monetary policy at the Brussels think-tank...

MMT part II: a synthesis, an olive branch, and a defence of Twitter

Eric Lonergan

11th October 2017

Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems

26

This is a short follow-up to my previous post, ‘MMT - sophistry or substance?’, and Simon Wren-Lewis’s ‘Why is MMT so popular?'. Summarising, I suggest the two defining characteristics of MMT are: (1) a theo...

MMT: school of thought or set of personalities?

Eric Lonergan

7th October 2017

Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems

29

MMT revisited Simon Wren-Lewis’s recent post on why MMT is so popular makes a number of important points. The Twitter response to Simon’s post was fairly representative - to its credit, MMT has a committed c...

Secular stability

Eric Lonergan

22nd June 2017

Economic History, Theory & Other Problems

1

The defining characteristic of US economic data since the financial crisis is not stagnation, but stability. We all look back on the Great Moderation with incredulity at the hubris of economists. But has realit...

The case for a new economics

Eric Lonergan

26th February 2017

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

3

What’s really wrong with NAIRU Earlier this year, Matthew Klein at FT’s Alphaville, made a typically punchy and well-argued case for abandoning a cornerstone of the current macro policy framework - the NAIRU...

Has the Bank of Japan solved the ‘Piketty problem’?

Eric Lonergan

19th February 2017

Definitions of Money, Economic History, Finance & Asset Pricing, Helicopter Money, Monetary Policy

Japan’s unlikely re-distribution Why is the Bank of Japan (BoJ) trying to raise the rate of inflation? Taking account of its demographic profile, Japan's economic performance has been impressive by developed w...

Renzi’s referendum, Europe’s future

Eric Lonergan

6th December 2016

Economic History, Money in Europe

1

It seems apposite that Matteo Renzi's term as Italian Prime minister should end in this way. This referendum was a surreal distraction. Italy does not need faster political decision-making. Good decisions alway...

The Bank of Japan is testing Romer’s hypothesis

Eric Lonergan

24th September 2016

Economic History, Monetary Policy, Theory & Other Problems

1

Has the last thirty years of macroeconomics been a waste of time? World Bank chief economist, Paul Romer, has again written a very important critique of modern macroeconomics – or more specifically the academi...

Brexit: everyone got it wrong

Eric Lonergan

6th September 2016

Austerity, Economic History, Sample Of One

'Brexit' means brexit. Why do I have a feeling some Leavers will end up saying 'we never left', and some Remainers will say the same. The opposite is also likely. Some Leavers and Remainers will agree: Brexit d...

Institutions matter

Eric Lonergan

21st August 2016

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

13

The monetary & fiscal distinction revisited Monetary policy involves changes in the supply of base money and is carried out by central banks. Fiscal policy involves taxation, spending and transfers carried o...

MMT part III – conclusion, and a conversation with Ben Bernanke

MMT part II: a synthesis, an olive branch, and a defence of Twitter

MMT: school of thought or set of personalities?

Secular stability

The case for a new economics

Has the Bank of Japan solved the ‘Piketty problem’?

Renzi’s referendum, Europe’s future

The Bank of Japan is testing Romer’s hypothesis

Brexit: everyone got it wrong

Institutions matter

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

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