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Helicopter Money

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Helicopter Money

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...

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...

Central bank ‘equity’ debunked

Eric Lonergan
23rd August 2018
Definitions of Money, Helicopter Money, Monetary Policy
18
The equity of a corporation is the difference between its assets and liabilities. Under typical accounting practice for central banks, transferring cash directly to households would result in a decline in their...

Raising rates is a stimulus

Eric Lonergan
4th October 2017
Helicopter Money, Monetary Policy, Theory & Other Problems
There are two broad categories of monetary policy instrument: 1) measures which are aimed at influencing market interest rates, and 2) transfers from the central bank to the private sector. ‘Conventional’ m...

More on Bitcoin (Part I)

Eric Lonergan
15th September 2017
Definitions of Money, Helicopter Money
1
Bitcoin proves that the 'interest' paid by central banks on bank reserves (IOR) is not an "interest rate" but a helicopter drop to banks. Imagine that Bitcoin came with an additional feature, that all holders o...

Intelligent money & valuing Bitcoin

Eric Lonergan
10th September 2017
Definitions of Money, Helicopter Money, Monetary Policy
12
The most significant innovation in Bitcoin is not blockchain, nor the fact that it is a non-state-backed electronic currency. It is truly ground-breaking because it is the first 'intelligent' money. An 'intelli...

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...

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...
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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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