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Theory & Other Problems

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Theory & Other Problems

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: 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...

Helicopter money is different

Eric Lonergan
24th May 2016
Definitions of Money, Helicopter Money, Monetary Policy, Theory & Other Problems
31
The discussion of helicopter money may have moved from the periphery of the policy debate to its centre. Unfortunately, analytical confusion seems correlated with interest levels. Keynes once remarked that w...

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 ...

Buffett v the Landesbank – the US gets paid to have a trade deficit

Eric Lonergan
26th March 2016
Economic History, Finance & Asset Pricing, Theory & Other Problems
28
It remains conventional wisdom that the US current account deficit is the accumulation of a debt that will one day need to be repaid. There are very good reasons to believe this is false. The US in fact has ne...

Nothing is permanent

Eric Lonergan
5th March 2016
Monetary Policy, Theory & Other Problems
14
To borrow a disparaging phrase from Paul Krugman, the concept of 'permanence' in economics seems “to have a special ability to create intellectual confusion, even in smart people.” Personally, I don't reall...

The economics of language: David Hume & valuing Facebook

Eric Lonergan
19th February 2016
Definitions of Money, Economic History, Theory & Other Problems
14
David Hume is the first great thinker to identify language, law and money as 'spontaneous' institutions of social organisation. Hume was on to something quite profound, which remains under-appreciated. Langu...

Accounting as religion: Buffett, Derrida, and MMT

Eric Lonergan
17th January 2016
Definitions of Money, Economic History, Theory & Other Problems
89
A number of my recent posts seem to have wound up some of the more sensitive ‘mainstream’ economists, who don't like the suggestion that the likes of Minsky deserve their own 'school’. Some philosophers of sc...

More on eclecticism

Eric Lonergan
15th January 2016
Economic History, Theory & Other Problems
“Experience has shown that Mother Nature is eclectic” - Paul Samuelson This recent blog on the merits of eclecticism in macroeconomics seems to have resonated. It follows a theme Dani Rodrik has advocate...
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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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