Monetary Policy Archives - Philosophy of Money

Cryptocurrencies, the most important paper in economics, and an ad hoc bond market

28th June 2026

Perhaps the most important economics research paper in several decades was recently published in the Journal of Economic Perspectives, and it has largely gone unnoticed. It reveals that the Japanese governmen...

Highs & lows of economics: Kilkenny, crypto, and inflation

Eric Lonergan

13th November 2022

Austerity, Climate policy, Economic History, Monetary Policy, Theory & Other Problems

Economics keeps letting me down. The decade or so following the financial crisis spawned thousands of papers researching the financial system. I had a sinking feeling that none of it would help. Policy-making ...

Euro crisis II

Eric Lonergan

12th June 2022

Finance & Asset Pricing, Monetary Policy, Money in Europe

1

Euro crisis II has started. The good news is that we have been here before, so we have learnt some lessons, the bad news is the that the underlying challenge is far greater: Italy - the likely epicentre of th...

QE is debt reduction

Eric Lonergan

17th January 2021

Helicopter Money, Monetary Policy, Theory & Other Problems

14

QE is not a liability transformation - it is debt reduction The remuneration of bank reserves has been a source of significant analytical confusion among economists. This arcane technicality matters far more t...

Policy needs to pivot post-lockdown

Eric Lonergan

20th May 2020

Austerity, Helicopter Money, Monetary Policy, Money in Europe

1

Post-lockdown the economy will need a different kind of stimulus The role of monetary and fiscal policy during lockdown was to sustain household and corporate cashflows in the face of an intentional freezing o...

Helicopter money as Covid response

Eric Lonergan

27th April 2020

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

Here are my slides from the Rebuilding Macro workshop on helicopter money....

Macro policy proposals – immediacy is the metric

Eric Lonergan

2nd April 2020

Austerity, Helicopter Money, Monetary Policy, Uncategorised

1

Policy response (updated) Tax rebates for corporates & households, zero interest rates on mortgage and corporate loan refinancing, no debt capital repayment, targeted lending & QE, dual rates, yield cappin...

Policy response

Eric Lonergan

11th March 2020

Monetary Policy

1

Policy response Tax rebates for corporates & households, targeted lending & QE, dual rates, yield capping in the Eurozone - there is lots that both monetary and fiscal authorities can and should do. Th...

How long secular stability?

Eric Lonergan

29th January 2020

Economic History, Finance & Asset Pricing, Monetary Policy

8

Economics is a curious field of study. For a subject that focuses so much on rational behaviour it is distinctly human. The tribalism borders on parody - post-keynesians, new keynesians, liberal, conservative, ...

Draghi’s historic farewell

Eric Lonergan

15th September 2019

Helicopter Money, Monetary Policy, Money in Europe

6

This week’s policy decision by ECB is historic. For some time now, a number of economists have suggested that dual interest rates are the logical next step in the arsenal of central banks. Dual interest rates r...

Cryptocurrencies, the most important paper in economics, and an ad hoc bond market

Highs & lows of economics: Kilkenny, crypto, and inflation

Euro crisis II

QE is debt reduction

Policy needs to pivot post-lockdown

Helicopter money as Covid response

Macro policy proposals – immediacy is the metric

Policy response

How long secular stability?

Draghi’s historic farewell

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

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