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Helicopter Money

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Helicopter Money

Bernanke’s four errors

Eric Lonergan
12th April 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
11
I am a huge fan of Ben Bernanke. He can take a significant amount of personal credit for preventing a depression. Also, The Courage to Act is a superb book. Disappointingly, Ben’s latest contribution to the ...

No expectations

Eric Lonergan
6th April 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
18
Nick Rowe and his colleagues in Canada have a superb blog. If you’re interested in economics and don't already follow it - take a look. Recently, Nick and I have been discussing the relevance of ‘permanence...

Is it permanent? A reply to Nick Rowe

Eric Lonergan
4th April 2016
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
7
Nick Rowe has written a typically-lucid note which makes clear why it might make a difference to consumer behaviour if a tax cut is permanent, or temporary. To this extent, we are in full agreement: giving some...

The distinction between monetary and fiscal policy

Eric Lonergan
3rd April 2016
Helicopter Money, Monetary Policy, Money in Europe
11
Policies which have fiscal effects are not necessarily fiscal policy. To believe otherwise is a fallacy. The distinction between fiscal and monetary policy is rarely, if ever, made clear by economists of an...

The BoJ has started helicopter drops

Eric Lonergan
26th February 2016
Definitions of Money, Finance & Asset Pricing, Helicopter Money, Monetary Policy
25
Oddly, some economists think that helicopter drops are either beyond the capacity of central banks or highly unlikely. Neither is true - they have already started. It is now clear that the Bank of Japan is e...
Keynes and Friedman

Legal helicopter drops in the Eurozone

Eric Lonergan
24th February 2016
Helicopter Money, Monetary Policy, Money in Europe
16
Helicopter drops in the Eurozone may be a legal obligation of the European Central Bank (ECB). The laws governing the ECB are extremely clear, and repeat three features which policy must comply with: 1. T...

Cashless dreams … Or nightmares?

Eric Lonergan
24th September 2015
Helicopter Money, Media, Monetary Policy, Money in Europe
3
Martin Sandbu wittily suggests that advocates of competing contingency plans for central banks resemble Pythonesque political factions. He thinks a compromise could be a marriage made in heaven. But as a paid u...
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A short reply to Tony Yates (on helicopters)

Eric Lonergan
7th April 2015
Helicopter Money, Monetary Policy
Tony Yates is a superb economist and has a great blog. He also tends to be relentlessly logical. But his argument against helicopter drops is a rare exception. He makes three points: “I’m against helicopter dr...
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The “Pigou effect” is smarter than you think, and more relevant than ever

Eric Lonergan
5th April 2015
Economic History, Helicopter Money, Monetary Policy, Theory & Other Problems
6
I was taught to dismiss the Pigou effect. Arthur Cecil Pigou (or “Pig” if you believe spell-check) was a great Cambridge economic theorist, known to most of us as the object of Keynes’s repeated ridicule in the...

The Constant Reserves Multiplier

Eric Lonergan
15th January 2015
Helicopter Money, Money in Europe
Central banks should pursue simpler, less costly and more effective policies. If policymakers want higher spending, they should transfer cash directly to households. Some advocates of helicopter drops have arg...
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Reviews of Eric’s book

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    17th February 2018
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    7th August 2016
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