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Monetary Policy

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Monetary Policy

The Prudence Principle: a new rule for fiscal policy

Eric Lonergan
23rd August 2019
Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
Should the government run a budget deficit or a budget surplus? What size should the deficit or surplus be? Devising a rule which allows the public to assess the integrity of government is a major challenge...

Cyclical sovereignty

Eric Lonergan
26th July 2019
Media, Monetary Policy, Money in Europe
2
Only two of the world’s major economic blocks appear to have cyclical autonomy - China and the United States. For many decades now, Japan’s ability to stimulate domestic demand has been trivial relative to cycl...

Dual interest rates always work

Eric Lonergan
5th June 2019
Helicopter Money, Monetary Policy, Money in Europe
8
The future of monetary policy - Dual interest rates The significance of dual interest rates remains under-appreciated. The European Central Bank, Bank of Japan, and the Bank of England’s facilities are by fa...
central bank’s balance sheet

Presentation on dual interest rates

Eric Lonergan
16th May 2019
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
PM Europe roundtable...

It’s time for the ECB to use its monetary power

Eric Lonergan
28th March 2019
Helicopter Money, Monetary Policy, Money in Europe
1
Eurozone growth has stalled and inflation is below the ECB’s definition of price stability. As the recent actions of ECB make clear, further monetary easing is necessary for the ECB to fulfil its mandate. Un...

A reply to Stephanie Kelton

Eric Lonergan
19th March 2019
Definitions of Money, Monetary Policy, Theory & Other Problems
21
The crux of the MMT debate This recent article by Stephanie Kelton is crystal clear and reveals the crux of the ‘MMT debate’. It’s all about central bank independence. Also listen to this INET interview wi...

Redesigning monetary policy

Eric Lonergan
6th March 2019
Helicopter Money, Monetary Policy, Money in Europe
1
We need a modern monetary policy (MMP). Policy needs redesigning for three fundamental reasons: Firstly, the mental models for thinking about how the macro-economy in the developed world works have been brok...

Stock prices & r*

Eric Lonergan
28th February 2019
Finance & Asset Pricing, Monetary Policy, Theory & Other Problems
2
Economists pay insufficient attention to asset prices. Ask most economists what the relevance of the bond equity correlation is for fiscal policy and they will be baffled. You’ll be lucky if they know what you’...

More on post-interest rate monetary policy

Eric Lonergan
15th December 2018
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
Accounting objections to cash transfers don’t add up, and if CBs bought equity they could reduce inequality There is growing recognition - most recently by Janet Yellen - that should another recession strike...

Functional finance and fiscal rules – a synthesis (Part II)

Eric Lonergan
5th November 2018
Definitions of Money, Helicopter Money, Monetary Policy, Theory & Other Problems
16
Introduction A curious argument has broken out over the Labour’s proposed fiscal rule. Some advocates of functional finance, in particular, have been vociferous in their criticisms. There is scope for a consid...
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Reviews of Eric’s book

  • Reviews of Eric’s book

    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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