Definitions of Money Archives - Page 2 of 4

MMT: school of thought or set of personalities?

7th October 2017

Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems

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...

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...

Has the Bank of Japan solved the ‘Piketty problem’?

Eric Lonergan

19th February 2017

Definitions of Money, Economic History, Finance & Asset Pricing, Helicopter Money, Monetary Policy

Japan’s unlikely re-distribution Why is the Bank of Japan (BoJ) trying to raise the rate of inflation? Taking account of its demographic profile, Japan's economic performance has been impressive by developed w...

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...

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...

There is no shortage of safe assets – a short proof

Eric Lonergan

23rd August 2016

Definitions of Money, Finance & Asset Pricing, Theory & Other Problems

Safe assets are bunds, treasuries, gilts, JGBs and other government bonds issued by large developed economies. In one sense, they actually are ‘safe’ assets. They are typically negatively correlated with risk a...

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...

MMT: school of thought or set of personalities?

Money and language

Language and money

More on Bitcoin (Part I)

Intelligent money & valuing Bitcoin

Has the Bank of Japan solved the ‘Piketty problem’?

Blogoff – The Curse of Cash

Fiscal subservience – a reply to Chris Sims

There is no shortage of safe assets – a short proof

Institutions matter

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

Monetary policy & babysitting: why rates are so low, and ‘what’s next?’