Helicopter Money Archives - Philosophy of Money

Macro policy proposals – immediacy is the metric

2nd April 2020

Austerity, Helicopter Money, Monetary Policy, Uncategorised

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...

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...

Reply to Larry Summers

Eric Lonergan

26th August 2019

Finance & Asset Pricing, Helicopter Money, Monetary Policy

3

An ‘Either-Or’ approach to fiscal and monetary policy is mistaken Larry Summers has delivered a pointed and sweeping critique of the prevailing consensus among central bankers. He rightly asserts that relian...

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...

Dual interest rates always work

Eric Lonergan

5th June 2019

Helicopter Money, Monetary Policy, Money in Europe

6

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...

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...

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...

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...

Macro policy proposals – immediacy is the metric

Draghi’s historic farewell

Reply to Larry Summers

The Prudence Principle: a new rule for fiscal policy

Dual interest rates always work

Presentation on dual interest rates

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

Redesigning monetary policy

More on post-interest rate monetary policy

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

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

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