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Monetary Policy

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Monetary Policy

Blogoff – The Curse of Cash

Eric Lonergan
19th November 2016
Definitions of Money, Helicopter Money, Monetary Policy, Theory & Other Problems
4
Rogoff's law - the opposite is usually true Punning on Kenneth Rogoff's surname is proving irresistible. He has just launched a new economics blog, which should prove rich in thought-provoking missives. Conf...

Where next? Monetary policy in a post policy-rate world

Eric Lonergan
9th October 2016
Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
4
Three new bazookas Recent shifts in policy direction by global central banks may prove to be profound. The Bank of Japan and the ECB appear to be conceding that further bond purchases and lower policy rates ar...

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...

Fiscal subservience – a reply to Chris Sims

Eric Lonergan
16th September 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
Chris Sims is a deeply thoughtful economist and his paper at the recent Jackson Hole conference has rightly received a lot of attention, notably from Gavyn Davies, in the FT, and Paul Krugman. It is simultan...

There is no r*

Eric Lonergan
13th September 2016
Monetary Policy, Theory & Other Problems, Uncategorised
Like many economists, I have been trapped into thinking that there is an equilibrium real rate of interest - a level of the policy rate consistent with stable inflation, a closed output gap, or full employment....

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...

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
...

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...
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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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