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Author Eric Lonergan

Eric Lonergan

Eric Lonergan is a macro hedge fund manager, economist, and writer. His most recent book is Supercharge Me, co-authored with Corinne Sawers. He is also author of the international bestseller, Angrynomics, co-written with Mark Blyth, and published by Agenda. It was listed on the Financial Times must reads for Summer 2020. Prior to Angrynomics, he has written Money (2nd ed) published by Routledge. He has written for Foreign Affairs, The Financial Times, and The Economist. He also advises governments and policymakers. He first advocated expanding the tools of central banks to including cash transfers to households in the Financial Times in 2002. In December 2008, he advocated the policy as the most efficient way out of recession post-financial crisis, contributing to a growing debate over the need for ‘helicopter money’.

MMT part III – conclusion, and a conversation with Ben Bernanke

Eric Lonergan
20th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
24
My last two blogs have revisited the issue of whether or not base money is a liability of the state. The issue played a central role in a discussion over the future of monetary policy at the Brussels think-tank...

MMT part II: a synthesis, an olive branch, and a defence of Twitter

Eric Lonergan
11th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
26
This is a short follow-up to my previous post, ‘MMT - sophistry or substance?’, and Simon Wren-Lewis’s ‘Why is MMT so popular?'. Summarising, I suggest the two defining characteristics of MMT are: (1) a theo...

MMT: school of thought or set of personalities?

Eric Lonergan
7th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
29
MMT revisited Simon Wren-Lewis’s recent post on why MMT is so popular makes a number of important points. The Twitter response to Simon’s post was fairly representative - to its credit, MMT has a committed c...

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...

Money and language

Eric Lonergan
17th September 2017
Definitions of Money, Theory & Other Problems
8
The great Scottish philosopher David Hume may have been the first to understand that the economics of money is closest to that of language. Money is one of the most essential social conventions, the other t...

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...

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...

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...
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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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