Under this proposal, central banks, instead of messing around with interest rates, would simply transfer cash directly to adult citizens, or use the banks as their agents. The sole objective of this tool is to prevent recessions, or keep them as short as possible. [Source]
Eric Lonergan's proposals assume that workers will never regain clout. That's a political assumption I certainly am not willing to back.
Political winds have shifted, continue shifting, and are shifting at an ever-increasing rate to the economic left. If they continue doing that short of all-out socialism, workers will definitely regain their mixed-economy clout. That will mean the revival of the Phillips Curve; and, if the Fed still exists as a tool of monetarism, interest-rate juggling will actually have an impact again.
It all depends upon just how democratically and economically enlightened the People become and how soon.
That does not mean I oppose transfering cash directly to adult citizens. In fact, I favor it.