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Helicopter Money

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Helicopter Money

QE is debt reduction

Eric Lonergan
17th January 2021
Helicopter Money, Monetary Policy, Theory & Other Problems
14
QE is not a liability transformation - it is debt reduction The remuneration of bank reserves has been a source of significant analytical confusion among economists. This arcane technicality matters far more t...

Policy needs to pivot post-lockdown

Eric Lonergan
20th May 2020
Austerity, Helicopter Money, Monetary Policy, Money in Europe
1
Post-lockdown the economy will need a different kind of stimulus The role of monetary and fiscal policy during lockdown was to sustain household and corporate cashflows in the face of an intentional freezing o...

Helicopter money as Covid response

Eric Lonergan
27th April 2020
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
Here are my slides from the Rebuilding Macro workshop on helicopter money....

Macro policy proposals – immediacy is the metric

Eric Lonergan
2nd April 2020
Austerity, Helicopter Money, Monetary Policy, Uncategorised
1
Policy response (updated) Tax rebates for corporates & households, zero interest rates on mortgage and corporate loan refinancing, no debt capital repayment, targeted lending & QE, dual rates, yield cappin...

Draghi’s historic farewell

Eric Lonergan
15th September 2019
Helicopter Money, Monetary Policy, Money in Europe
6
This week’s policy decision by ECB is historic. For some time now, a number of economists have suggested that dual interest rates are the logical next step in the arsenal of central banks. Dual interest rates r...

Reply to Larry Summers

Eric Lonergan
26th August 2019
Finance & Asset Pricing, Helicopter Money, Monetary Policy
3
An ‘Either-Or’ approach to fiscal and monetary policy is mistaken Larry Summers has delivered a pointed and sweeping critique of the prevailing consensus among central bankers. He rightly asserts that relian...

The Prudence Principle: a new rule for fiscal policy

Eric Lonergan
23rd August 2019
Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems
Should the government run a budget deficit or a budget surplus? What size should the deficit or surplus be? Devising a rule which allows the public to assess the integrity of government is a major challenge...

Dual interest rates always work

Eric Lonergan
5th June 2019
Helicopter Money, Monetary Policy, Money in Europe
8
The future of monetary policy - Dual interest rates The significance of dual interest rates remains under-appreciated. The European Central Bank, Bank of Japan, and the Bank of England’s facilities are by fa...
central bank’s balance sheet

Presentation on dual interest rates

Eric Lonergan
16th May 2019
Definitions of Money, Helicopter Money, Monetary Policy, Money in Europe
PM Europe roundtable...

It’s time for the ECB to use its monetary power

Eric Lonergan
28th March 2019
Helicopter Money, Monetary Policy, Money in Europe
1
Eurozone growth has stalled and inflation is below the ECB’s definition of price stability. As the recent actions of ECB make clear, further monetary easing is necessary for the ECB to fulfil its mandate. Un...
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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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