Tag Archives: Eric Lonergan

Eric Lonergan has recently written a post about the fiscal rules debate that has cropped up around the U.K. Labour Party's adoption of such a rule. As usual, his post covers a lot of territory -- if I were to attempt to cover all the points he raised when following my preferred writing style, it would be a 10 part article. Meanwhile, I am supposed to be working on finishing off my breakeven inflation book, as well as dealing with other projects. As a result, I just want to respond to a...

I believe I have a better understanding of Eric Lonergan's arguments regarding whether fiat money is a liability of a state with currency sovereignty. (This discussion does not apply to commodity money, or a state using a money issued by an entity not under its direct control.) If I am correct, I would phrase his argument as: the existing accounting treatment of money is incorrect, since it does not account for seigneurage revenue. (Seigneurage has multiple English spellings; I was using...