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Theory & Other Problems

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Theory & Other Problems

Language and money

Eric Lonergan
17th September 2017
Definitions of Money, Theory & Other Problems
1
Language is perhaps the most useful social convention, followed by law. Words are exchanged by humans to coordinate action, express thoughts and feelings, and to entertain. It is difficult to imagine much human...

Democracy and minority rule

Eric Lonergan
9th July 2017
Theory & Other Problems
4
Democracy is an attempt to provide legitimacy for law-making and government. Legitimacy resides in obtaining the consent of those affected by decisions. Democracy is also a practical process - of public debate,...

Secular stability

Eric Lonergan
22nd June 2017
Economic History, Theory & Other Problems
1
The defining characteristic of US economic data since the financial crisis is not stagnation, but stability. We all look back on the Great Moderation with incredulity at the hubris of economists. But has realit...

When big data is worse than a sample of none

Eric Lonergan
10th June 2017
Finance & Asset Pricing, Theory & Other Problems
4
Michael Mauboussin uses a very simple exercise to illustrate how difficult it is to statistically distinguish skill from luck. Investors are often deemed geniuses or fools based on small samples. Think of those...

The economics of partying too hard

Eric Lonergan
10th June 2017
Theory & Other Problems
What is the difference between work and leisure? A distinction based on paid and unpaid activities is incomplete. A better distinction is between activities we want do and those we don’t enjoy. But this is also...

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...

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...
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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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