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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’.

There are two types of negative interest rates

Eric Lonergan
19th July 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
9
One works, the other doesn't Central banks typically alter monetary policy through the price of credit (interest rates) and the provision of credit (usually lending to banks against collateral). Central banks...

Old myths, new problems – interpreting a British referendum

Eric Lonergan
26th June 2016
Economic History, Money in Europe, Sample Of One
4
The myth of national identity One consequence of the end of the Cold War was the re-emergence of nationalism in European politics. It was not the “End of History”, but reversion to the mean. Nationalism is...

Bored by Borio

Eric Lonergan
27th May 2016
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
3
Claudio Borio, and his colleagues, incinerate a straw man. Helicopter money - sensibly defined - does not involve any new commitments about future monetary policy. So Borio's arguments are not even relevant. ...

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 ...

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...

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...
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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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