167:, in his 1968 AER Presidential address. Specifically, Friedman argues that " revival of belief in the potency of monetary policy ... was strongly fostered among economists by the theoretical developments initiated by Haberler but named for Pigou that pointed out a channel – namely changes in wealth – whereby changes in the real quantity of money can affect aggregate demand even if they do not alter interest rates". Friedman is clear that money must be produced "in other ways" than open-market operations, which – like QE – involve "simply substituting money for other assets without changing total wealth". Friedman references a paper by Gottfried Haberler written in 1952, where Haberler says: "Suppose the quantity of money is increased by tax reductions or government transfer payments, and the resulting deficit is financed by borrowing from the central bank or simply printing money."
424:
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68: – with the additional element of attempting to shock beliefs about future inflation or nominal GDP growth, in order to change expectations. A second set of policies, closer to the original description of helicopter money, and more innovative in the context of monetary history, involves the central bank making direct transfers to the private sector financed with
184:
In that speech, Bernanke himself says: "a money-financed tax cut is essentially equivalent to Milton
Friedman's famous 'helicopter drop' of money". In a footnote to that speech, Bernanke also references an important paper by Gauti Eggertson which emphasizes the importance of a commitment from the central bank to keep the money supply at a higher level in the future.
472:) signed an open letter calling on the ECB to "provide evidence-based analysis of the potential effects of the alternative proposals mentioned above, and to clarify under which conditions their implementation would be legal". If it doesn't consider alternatives to QE, MEPs fear the ECB would leave itself "unprepared for a deterioration in economic conditions".
110:. This touches on an old question in economics on whether money should always be fully backed by segregated assets (gold, loans) or whether lower levels of asset backing are warranted to counter deflationary pressures. This question is again relevant due to the negative side effects of low interest rate policies as well as the development of
142:
Let us suppose now that one day a helicopter flies over this community and drops an additional $ 1,000 in bills from the sky, which is, of course, hastily collected by members of the community. Let us suppose further that everyone is convinced that this is a unique event which will never be repeated.
534:
in July 2016 it was widely reported that former
Federal Reserve chairman Ben Bernanke advised the policy of monetizing more government debt created to fund infrastructure projects, ostensibly as a way to drop "helicopter money" on Japan to stimulate the economy and halt deflation in Japan. Financial
183:
famously delivered a speech on preventing deflation in
November 2002 as a Federal Reserve Board governor, where he said that Keynes "once semi-seriously proposed, as an anti-deflationary measure, that the government fill bottles with currency and bury them in mine shafts to be dug up by the public".
407:
published a paper in which he writes that "the idea offers many virtues and advantages compared to other forms of unconventional monetary policy, especially obliterating the need to rely on a complicated transmission mechanism, allowing much easier communication to the public, and boosting consumer
328:
is known to be one of the proponents of helicopter money when he gave a speech in
November 2002 arguing, in the case of Japan, that "a money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money". In April 2016, Ben Bernanke wrote a blog post arguing that
309:(QE) and helicopter money involves money creation by central banks to expand the money supply. However, the effect on the central bank's balance sheet of helicopter money is different than with QE. Under QE, central banks create reserves by purchasing bonds or other financial assets, conducting an "
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The accounting treatment of central banks' balance sheets is controversial. Most economists now recognize that the 'capital' of the central bank is not really important. What matters is whether expansion of base money can be reversed in the future, or there are other means to raise interest rates.
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Helicopter money is a form of fiscal policy. The question arises of whether it is the central bank, the
Treasury or both in coordination that should implement it. This has the potential to threaten the principle of central bank independence or at least it may force us to reconsider the rules that
265:
programme lending money to banks at negative interest rates, which amounts to a transfer to banks. Also, the use of differential interest rates on tiered reserves to support commercial banks' profitability in the face of negative interest rates, opens up another source of helicopter drop – albeit
170:
It is noteworthy in light of more recent debates over the separation between monetary and fiscal policy, that
Friedman viewed these policies as evidence of the potency of monetary policy. In the same AER address, he is highly critical of the timeliness and efficacy of fiscal measures to stabilize
248:
Although the original definition of helicopter money describes a situation where central banks distribute cash directly to individuals, more modern use of the term refers to other possibilities, such as granting a universal tax rebate to all households, financed by the central bank. This is, for
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Other critics claim helicopter money would be outside of the mandate of central banks, because it would "blur the lines between fiscal policy and monetary policy" mainly because helicopter money would involve "fiscal effects", which is traditionally the role of governments to decide on. However
513:
money printing (monetary expansion). Some disagree because in practice, the
Federal Reserve prints money and uses it to immediately purchase debt issued by the US Treasury. Some of the Federal Reserves bond purchases have been for treasuries initially auctioned only a few days before. It can be
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the central bank does not have an asset corresponding to the base money created. This has implications for the measured equity of the central bank because base money is typically treated as a liability, but it could also constrain the central bank's ability to set interest rates in the future.
456:
In 2015, a
European campaign called "Quantitative Easing for People" was launched and is effectively promoting the concept of Helicopter Money, along with other proposals for "Green QE" and "Strategic QE", which are other types of monetary financing operations by central banks involving public
273:
is believed by some economists to provide a legal and administratively tractable means of introducing transfers to households. The economist, Eric
Lonergan, argued in 2016 that legal helicopter drops in the Eurozone could be structured via zero coupon, perpetual loans, which all European adult
451:
Yes, all central banks can do it. You can issue currency and you distribute it to people. That’s helicopter money. Helicopter money is giving to the people part of the net present value of your future seigniorage, the profit you make on the future banknotes. The question is, if and when is it
542:
in an ongoing review of its monetary stimulus program was reported to be considering policies somewhat similar to "helicopter money", such as selling 50-year or perpetual bonds. However, even if the central bank commits to hold these 50-year government bonds for a very long time, that is not
589:
Many economists would argue that helicopter money, in the form of cash transfers to households, should not be seen as a substitute for fiscal policy. Given the government's borrowing costs are extremely low at close to zero interest rates, conventional fiscal stimulus through tax cuts and
147:
Originally used by
Friedman to illustrate the effects of monetary policy on inflation and the costs of holding money, rather than an actual policy proposal, the concept has since then been increasingly discussed by economists as a serious alternative to monetary policy instruments such as
702:
also voiced opposition against helicopter money, arguing it would "tear gaping holes in central bank balance sheets. Ultimately, it would be down to the euro-area countries, and thus the taxpayer, to shoulder the costs because central banks would be unprofitable for quite some time." The
710:
However, more conventional instruments, like TLTROs and quantitative easing can also result in important losses on central banks' balance sheets. During the period 2022-204, Eurozone central banks made losses to the tune of 160 billion euros as a consequence of the ECB's rates hikes.
661:". This criticism was notably expressed by Bank for International Settlements researchers Claudio Borio, Piti Disyatat and Anna Zabai, who claimed that helicopter drops to citizens would necessarily involve for the central bank to pay interests on the extra reserves being supplied.
640:
Contradicting this argument, several surveys conducted in the Eurozone concluded however that between 30 and 55% of the distributed money would be spent by households, in effect resulting in a boost of around 2% of GDP. The most recent research on this topic was carried out by the
224:
for the people" and a "debt jubilee" financed with the monetary base. These proposals reflected a sense that conventional policies, including QE, were failing or having many adverse effects – on either financial stability or the distribution of wealth and income.
605:
Consequently, a range of concerns include the fact that helicopter money would undermine trust in the currency (which ultimately would lead to hyperinflation). This concern was particularly voiced by German Economist (and former Chief Economist at the ECB)
253:. The use of tax rebates explains why some consider helicopter money as a fiscal stimulus as opposed to a monetary policy tool. Helicopter money, however, is not meant to be permanent, and is therefore a different policy option than universal basic income.
668:
challenges the later assumption and argues that "helicopter money is a 'free lunch' in the simple sense that, if it works and succeeds in closing the output gap, people won’t have to repay it through higher taxes or undesired (above optimal) inflation".
64:). Although the original idea of helicopter money describes central banks making payments directly to individuals, economists have used the term "helicopter money" to refer to a wide range of different policy ideas, including the "permanent"
738:, in part because it risks eroding the independence from politics that monetary policy makers prize History is littered with cautionary tales in which blurring the lines between central bank and Treasury coffers led to runaway inflation."
219:
that central banks make cash transfers directly to households, financed with base money, to combat the threat of global deflation. From around 2012 onwards, some economists began advocating variants of helicopter drops, including
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in a paper written in 2014. Later in 2016, he declared in an interview: "I think the whole idea of the helicopter money is downright devastating. For this is nothing more than a declaration of bankruptcy of the monetary policy"
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was started in an attempt to trigger a national referendum obliging the Swiss National Bank to distribute a 7500 CHF dividend to all Swiss citizens. Citizens have until April 2022 to collect the 100,000 required signatures.
514:
argued that the Fed is creating money to finance the direct payments to citizens. Helicopter money delivers money directly into the hands of the public instead of quantitative easing which provides it to the bond market.
256:
Under a strict definition, where helicopter drops are simply transfers from the central bank to the private sector financed with base money a number of economists have argued that they are already occurring. In 2016, the
535:
markets began to front-run this stimulus effort days before it was announced when accounts of Bernanke's visit to Japan were first reported. Japan had already before given consumption vouchers in 1999 to citizens.
2401:
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citizens would be eligible to receive. The loans could be administered by eligible commercial banks, and under certain conditions the loans would be net interest income positive to the central bank.
199:, revived the concept of helicopter money in a theoretical paper, arguing that base money is not a liability, which provides a more rigorous case for Friedman and Haberler's Pigouvian intuitions.
621:
A study published by the French Economic Advisory Council estimates that 1% of GDP equivalent of helicopter money transfers in the Eurozone would generate around 0.5% of inflation over one year.
91:
about dropping money from a helicopter to illustrate the effects of monetary expansion. The concept was revived by economists as a monetary policy proposal in the early 2000s following Japan's
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infrastructure spending should work. From this perspective, helicopter money is really an insurance policy against the failure of fiscal policy for political, legal or institutional reasons.
615:
makes a similar argument when saying "if such envelopes arrived day after day, the entire country would quickly fall into a panic as people lose all sense of what their currency is worth".
2005:
163:
Friedman himself refers to financing transfer payments with base money as evidence that monetary policy still has power when conventional policies have failed, in his discussion of the
316:
Economists argue that the effect on expectations is different because helicopter money created would be perceived as "permanent" – that is, more irreversible than QE.
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836:"Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Ferdinando Giugliano and Tonia Mastrobuoni on 15 March 2016 and published on 18 March 2016"
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advocates of helicopter money such as Eric Lonergan and Simon Wren-Lewis invalidate this argument by observing that standard monetary policy tools also have fiscal effects.
501:
In 2020, the US legislative system debated issuing two times a $ 1,000 check to each eligible adult citizen, described by media as "helicopter money", as a response to the
715:
Various options have been proposed. Oxford professor, Simon Wren-Lewis has suggested that the government pre-commit to providing the Bank of England with bonds if needed.
493:
In 2021, the French Eocnomic Advisory council, a think tank affiliated to the Prime minister's office, recommended the inclusion of helicopter money in the ECB's toolbox.
191:, that central banks consider cash transfers to households as an alternative to further reductions in interest rates, also on the grounds of financial stability. In 2003,
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490:) said in a letter to the ECB President they were "rather surprising to read your emphatic response" and asked the ECB to provide further analysis on this notion.
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helicopter money as long as this money, financed by the state (debt) and not by central bank money printing per se, is not distributed to households directly.
2511:
789:
313:". The swap is reversible. By contrast, with helicopter money, central banks give away the money created, without increasing assets on their balance sheet.
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2321:
868:
577:
2462:
Djuric, Uros; Neugart, Michael (17 December 2016). "Helicopter Money: Survey Evidence on Expectation Formation and Consumption Behavior". Rochester, NY.
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1198:
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The most direct and efficient solution to the economic and financial problems is for central banks to transfer cash directly to the household sector.
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are against helicopter money on the grounds that helicopter money would be ineffective because people would not spend the money. In response, Lord
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This clashes with the argument that people would not spend much of the money they receive (and therefore helicopter money cannot be inflationary).
1259:
852:
Helicopter money is giving to the people part of the net present value of your future seigniorage, the profit you make on the future banknotes.
658:
3039:
1546:
3105:
443:, said in a press conference that he found the concept "very interesting". This statement was followed by another statement from the ECB's
179:
The idea of helicopter drops was revived as a serious policy proposal in the early 2000s by economists considering the lessons from Japan.
240:
as Governor of the Bank of England, argued that deficit monetization is the fastest way to recover from the financial crisis in a speech.
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152:. According to its proponents, helicopter money would be a more efficient way to increase aggregate demand, especially in a situation of
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1968:
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argues: "Money financed deficits will always stimulate nominal demand. By comparison debt finance deficits might do so, but might not."
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Central banks may soon resort to their most powerful weapons against deflation: the printing press and the 'helicopter drop' of money.
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767:
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1659:
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Central banks have no mandate to give money away (they can only exchange one asset for another, as they do in quantitative easing)
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1972:
686:
One of the main concerns with transfers from the central bank directly to the private sector is that in contrast to conventional
552:
505:. However, this practice cannot be considered as "helicopter money" as long as this money distribution is financed by the State (
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1987:
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In October 2016, a survey showed that 54% Europeans think helicopter money would be a good idea, with only 14% against.
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1571:
478:
In 2020, politicians, civil society organisations and economists debated issuing helicopter money as a response to the
3045:
810:
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340:
is also known to be a prominent advocate of the concept. Other proponents include Financial Times' Chief Commentator
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investment programmes. The campaign was supported by 20 organisations across Europe and more than 116 economists.
411:
Bill Gross, Portfolio Manager of the Janus Global Unconstrained Bond Fund also argues for the implementation of a
2402:"Why a future tax on bank credit intermediation does not offset the stimulative effect of money finance deficits"
1857:
943:
2923:
1442:
657:
Another range of critics involve the idea that there cannot be such thing as "free money" or as economists say "
486:
insisted to say the ECB had not considered helicopter money, a group of 8 MEPs from different groups (including
3110:
2128:"Trump seeks stimulus package potentially worth more than $ 1 trillion, including direct payments to Americans"
1039:
883:
704:
2707:"Deutsche Bundesbank - Interviews - "Helicopter money would tear gaping holes in central bank balance sheets""
1421:"Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C., November 21, 2002"
1420:
944:"Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C., November 21, 2002"
329:"such programs may be the best available alternative. It would be premature to rule them out". Fed chairwoman
103:
Board governor, and later chairman suggested that helicopter money could always be used to prevent deflation.
2440:
1308:
2535:"Helicopter money in Europe: New evidence on the marginal propensity to consume across European households"
1120:
2629:
1353:"Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination"
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687:
465:
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The idea also finds support among central bankers. For example, former governor of the Irish central bank
127:
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258:
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https://www.fitchratings.com/research/sovereigns/eurozone-central-banks-face-further-losses-09-09-2024
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opportune to make recourse to that sort of instrument which is really an extreme sort of instrument.
997:"Helicopter Money Irredeemable fiat money and the liquidity trap Or: is money net wealth after all?"
718:
The European Central Bank can, in fact, mandate an increase in its capital, and the introduction of
665:
2830:"Raising Rates with a Large Balance Sheet: The Eurosystem's Net Income and its Fiscal Implications"
726:
gives central banks an array of tools to protect their own net income and the demand for reserves.
385:
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306:
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208:
149:
92:
53:
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propose to introduce helicopter money through soft forms of cooperation with fiscal authorities.
290:
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In the past the idea had been dismissed because it was thought that it would inevitably lead to
1351:
Stanley Fischer, Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand (August 2019).
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2463:
1938:
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1370:
1217:
1199:"Paying Banks to Lend? Evidence from the Eurosystem's TLTRO and the Euro Area Credit Registry"
1197:
Emilie Da Silva, Vincent Grossmann-Wirth, Benoit Nguyen & Miklos Vari (19 November 2021).
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39:
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cited the helicopter drop monetary policy in their financial-epic-metal song "Tooth Fairy"
262:
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965:
864:
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531:
487:
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302:
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131:
107:
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A monetary policy that involves helicopter money requires that central banks operate with
100:
84:
49:
404:
122:
Although very similar concepts have been previously defended by various people including
3033:
1286:
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2534:
630:
599:
428:
278:
153:
134:
is known to be the one who coined the term 'helicopter money' in the now famous paper "
57:
31:
2006:"MaĂźnahmen gegen die Krise: Bargeld fĂĽr die BĂĽrger: Ă–konomen loben das Helikoptergeld"
1960:
1756:
403:
once said: "All central banks can do it." The Vice-Governor of the Czech Central Bank
3099:
929:
699:
539:
527:
469:
337:
192:
123:
734:
Endra Curren and Ben Holland of Bloomberg stated "That type of stimulus used to be
72:, without the direct involvement of fiscal authorities. This has also been called a
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35:
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also admitted that helicopter money could be an option in "extreme situations".
212:
77:
2110:"The global markets barely budge as helicopter-money measures achieve lift-off"
966:"How to Fight Deflation in a Liquidity Trap: Committing to Being Irresponsible"
17:
2845:
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1803:
1721:
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695:
523:
357:
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2733:"Helicopter money and debt-financed fiscal stimulus: one and the same thing?"
2558:
1642:
Baeriswyl, Romain (2017). "The Case for the Separation of Money and Credit".
1391:
1360:
996:
373:
282:
61:
2576:
1629:"Central Banking's Final Frontier? by Anatole Kaletsky - Project Syndicate"
3084:
2987:
Reichlin, Lucrezia; Turner, Adair; Woodford, Michael (23 September 2019).
2207:"'Helicopter money' talk takes flight as Bank of Japan runs out of runway"
1173:"Central banks are already doing the unthinkable - you just don't know it"
27:
Policy proposal; central banks making direct money transfers to the public
1146:"Helicopter money and basic income: friends or foes? | Basic Income News"
3027:
3040:
Recovery in the Eurozone: using money creation to Stimulate the economy
2533:
Drescher, Katharina; Fessler, Pirmin; Lindner, Peter (1 October 2020).
1309:"Legal helicopter drops in the Eurozone, published on February 24 2016"
921:
435:
On 10 March 2016, the idea became increasingly popular in Europe after
399:
said he believes the policy would work while the ECB's chief economist
88:
2892:
Ulrich Bindseil; Andres Manzanares; Benedict Weller (September 2004).
2504:"Will helicopter money be spent? New evidence - De Nederlandsche Bank"
1239:"Free lunch: Helicopter engineering, published on 16 February 29 2016"
427:
Conference on "QE for People" organised at the European parliament by
3052:
From Zirp, Nirp, QE, and helicopter money to a better monetary system
900:
Haberler, Gottfried (1 January 1952). "The Pigou Effect Once More".
1988:"Will 'Helicopter Money' and the 'Big Bazooka' Help Rescue Europe?"
1469:"Janet Yellen: Helicopter money is an option in extreme situations"
913:
1121:"Debt, Money, and Mephistopheles: How do we get out of this mess?"
735:
575:
460:
On 17 June 2016, 18 Members of the European Parliament (including
422:
2045:"Helikoptergeld: Die Europäische Zentralbank ignoriert das Thema"
2949:
Advancing the Monetary Policy Toolkit through Outright Transfers
1601:
Why the ECB should give money directly to People (Eric Lonergan)
506:
2962:"A Long-Despised and Risky Economic Doctrine Is Now a Hot Idea"
2233:"Swiss May Get to Vote on a $ 55 Billion Helicopter Money Idea"
1327:"Report: Helicopter money as a response to the COVID-19 crisis"
811:"To fix the economy, let's print money and mail it to everyone"
187:
The Irish economist, Eric Lonergan, also argued in 2002 in the
2322:"Ex-EZB-Chefvolkswirt Otmar Issing warnt vor "Helikoptergeld""
1805:
Mario Draghi: 'Helicopter money is a very interesting concept'
1495:"Economists Say Handing Out Cash Could Help Euro Zone Economy"
1320:
1318:
1260:"The ECB Is No Longer a Reliable Cash Machine for Governments"
788:
Blyth, Mark; Lonergan, Eric; Wren-Lewis, Simon (21 May 2015).
2159:"Abe's Unusual Stimulus Unveiling May Be Directed at the BOJ"
1443:"What tools does the Fed have left? Part 3: Helicopter money"
649:
is around 50%, which is higher than previous research found.
3006:
govern the relation between Treasury and central banks today
1247:
Central banks have ways to drop money into ailing economies.
790:"Now the Bank of England needs to deliver QE for the people"
364:, Berkeley economics professor and former Treasury advisor,
2590:
Borio, Claudio; Disyatat, Piti; Zabai, Anna (24 May 2016).
2071:"French central bank rebuffs 'helicopter money' suggestion"
682:
Accounting and implications for central bank balance sheets
2951:” IMF Working Papers 2022/87, International Monetary Fund.
2803:"Central bank losses risk opening old eurozone faultlines"
1883:
1722:"Central Bank Capital as an Instrument of Monetary Policy"
60:(when interest rates near zero and the economy remains in
3058:
Citizens' Monetary Dividend – Upgrading the ECB's Toolkit
985:
Beyond interest rates, Financial Times, 9 September 2002.
236:, who had been considered a serious candidate to succeed
1779:"Bill Gross: What to Do After the Robots Take Our Jobs"
1644:
Monetary Policy, Financial Crises, and the Macroeconomy
1015:"Helicopter Ben confronts the challenge of a lifetime,
2868:"Governments can borrow without increasing their debt"
1986:
Stevis-Gridneff, Matina; Ewing, Jack (20 March 2020).
1939:"54% of Europeans are in favour of 'helicopter money'"
3073:
3024:, European Parliamentary Research Service, April 2016
3022:
Helicopter money: A cure for what ails the euro area?
2320:
Frankfurter Allgemeine Zeitung GmbH (23 March 2016).
1921:"ECB urged to lavish 'helicopter money' on consumers"
2681:"The distinction between monetary and fiscal policy"
2384:"Raghuram Rajan and the Dangers of Helicopter Money"
2366:
What Impact Does Helicopter Money Have on Inflation?
629:
Several prominent economists such as central banker
2031:
Letter from MEPs to ECB President Christine Lagarde
1572:"Helicopter Money: When Zero Just Isn't Low Enough"
1493:SPIEGEL ONLINE, Hamburg, Germany (6 January 2015).
138:" (1969), where he included the following parable:
1094:"Combatting Eurozone deflation: QE for the people"
707:also released a paper making a similar argument.
156:, when central banks have reached the so-called "
2592:"Helicopter money: The illusion of a free lunch"
197:European Bank for Reconstruction and Development
83:The name "helicopter money" was first coined by
2924:"Does the central bank's balance sheet matter?"
1906:"MEPs want the ECB to look at helicopter money"
1876:"QE for People. A Rescue Plan for the Eurozone"
1061:"How about quantitative easing for the people?"
3064:Helicopter money: Views of leading economists
2348:"Koo on why helicopter money just won't work"
249:example, what the United States did with the
8:
2894:"The Role of Central Bank Capital Revisited"
2095:Philippe Martin, Xavier Ragot, Eric Monnet,
1375:: CS1 maint: multiple names: authors list (
1285:HĂĽttl, Pia; Alvaro Leandro (14 March 2016).
1222:: CS1 maint: multiple names: authors list (
1088:
1086:
2628:European Central Bank (26 September 2016).
2097:What else can the European Central Bank do?
1547:"Rescue Helicopters for Stranded Economies"
52:, sometimes suggested as an alternative to
2157:Enda Curran, Toru Fujioka (27 July 2016).
1677:"Helicopter money: if not now, then when?"
522:In a meeting with Japanese Prime Minister
2566:
2502:Maarten van Rooij; Jakob de Haan (2017).
2145:Can 'Helicopter Ben Bernanke' Save Japan?
645:, and concludes that in the Eurozone the
203:After the global financial crisis of 2008
3046:What do people mean by helicopter money?
2607:"Why Helicopter Money is a "Free Lunch""
1757:"Bill Gross Investment Outlook May 2016"
1694:Pisani-Ferry, Jean (30 September 2019).
1406:from the original on 20 September 2019.
730:Threat against central bank independence
664:In a response, the former IMF economist
653:"There is no such thing as a free lunch"
269:In the case of the Eurozone, the use of
3080:
3028:Helicopter Money: Why it works - Always
3003:from the original on 24 December 2019.
1831:European Central Bank (18 March 2016).
1720:Mojmir, Hampl; Tomas, Havranek (2018).
1390:Grenville, Stephen (24 February 2013).
759:
324:Former chairman of the Federal Reserve
3060:, Stan Jourdan and Eric Lonergan, 2016
2784:
2773:
2484:
2473:
2304:"Die letzte Waffe – Helicopter Money?"
1858:"Cookiewall - Het Financieele Dagblad"
1738:
1727:
1368:
1215:
659:there is no such thing as a free lunch
647:average marginal propensity to consume
2989:"Helicopter money as a policy option"
1812:from the original on 21 December 2021
1608:from the original on 21 December 2021
7:
2655:"Helicopter money and fiscal policy"
2630:"Interview with SĂĽddeutsche Zeitung"
1696:"How to Ward Off the Next Recession"
1646:. Springer, Cham. pp. 105–121.
1545:J. Bradford DeLong (29 April 2016).
1325:Jourdan, Stanislas (30 March 2020).
995:Willem H. Buiter (6 November 2003).
964:Gauti B. Eggertsson (1 March 2003).
372:, American macro hedge fund manager
297:Differences from quantitative easing
3068:Centre for Economic Policy Research
2997:Centre for Economic Policy Research
2406:Institute for New Economic Thinking
2364:Thomas Renault, Baptiste Savatier,
1975:from the original on 23 March 2020.
1969:Centre for Economic Policy Research
1961:"Helicopter money: The time is now"
1400:Centre for Economic Policy Research
1237:Sandbu, Martin (29 February 2016).
1098:Centre for Economic Policy Research
376:, Irish economist and Fund manager
277:Other advocates such as think tank
2346:Izabella Kaminska (27 July 2016).
2043:Zydra, Markus (16 November 2020).
228:In 2013, the chairman of the UK's
25:
1519:Wolf, Martin (12 February 2013).
1441:Ben S. Bernanke (11 April 2016).
1040:"Central banks need a helicopter"
1013:Wolf, Martin (16 December 2008).
580:Hyperinflation in Germany in 1923
3083:
2302:Otmar Issing (7 February 2015).
1627:Kaletsky, Anatole (6 May 2016).
1119:Adair Turner (6 February 2013).
798:– via www.theguardian.com.
768:"Worthwhile Canadian Initiative"
625:Would helicopter money be spent?
2709:. 21 March 2016. Archived from
2605:Bossone, Biagio (6 June 2016).
2419:Helicopter Money – Let It Rain?
1521:"The case for helicopter money"
66:monetization of budget deficits
2828:Belhocine, Nazim (July 2023).
2390:– via www.newyorker.com.
2205:Stanley White (31 July 2016).
2099:, www.cae-eco.fr, 16 June 2021
1919:Brunsden, Jim (16 June 2016).
1880:Quantitative Easing for People
1833:"Interview with La Repubblica"
1171:Mehreen Khan (19 March 2016).
809:Dylan Matthews (15 May 2015).
480:coronavirus pandemic in Europe
415:, funded by helicopter drops.
408:confidence when most needed".
195:, then chief economist at the
56:(QE) when the economy is in a
1:
2922:Eric Lonergan (25 May 2015).
2551:10.1016/j.econlet.2020.109416
2421:, Astellon Capital, June 2016
2382:Cassidy, John (13 May 2016).
1959:GalĂ, Jordi (17 March 2020).
1067:. August 2012. Archived from
869:"The Role of Monetary Policy"
585:Substitution to fiscal policy
251:Economic Stimulus Act of 2008
136:The Optimum Quantity of Money
112:central bank digital currency
48:is a proposed unconventional
2370:Conseil d'Analyse Economique
2263:Nanowar of Steel Tooth Fairy
902:Journal of Political Economy
368:, UCLA economics professor,
230:Financial Services Authority
76:or a distribution of future
3106:Operations of central banks
2280:Mainly Macro (March 2016).
1652:10.1007/978-3-319-56261-2_6
1287:"Helicopter drops reloaded"
3127:
2181:"Helicopter money is here"
2147:, retrieved July 28, 2016.
482:. While the ECB president
356:, the political economist
336:Citigroup Chief Economist
130:, Nobel winning economist
29:
3034:Helicopter Money reloaded
2903:. European Central Bank.
2846:10.5089/9798400244643.001
1777:Paul Vigna (4 May 2016).
1447:The Brookings Institution
882:(1): 1–17. Archived from
87:in 1969, when he wrote a
3048:, Simon Wren-Lewis, 2012
3042:, Frank van Lerven, 2015
876:American Economic Review
705:National Bank of Belgium
564:Comedy heavy metal band
553:Swiss popular initiative
266:intermediated by banks.
30:Not to be confused with
2947:Sascha Buetzer, 2022. “
2659:mainlymacro.blogspot.be
2433:"Helicopter Money 2016"
1675:Sandbu, Martin (2016).
538:Later in the month the
503:US coronavirus pandemic
3090:Business and economics
2483:Cite journal requires
2309:(Press Article). SAFE.
2033:, European Parliament.
1737:Cite journal requires
688:open-market operations
581:
454:
432:
301:Like all expansionary
145:
128:Social Credit Movement
3030:, Willem Buiter, 2014
2634:European Central Bank
1837:European Central Bank
1331:Positive Money Europe
643:Austrian central bank
579:
449:
441:European Central Bank
439:the President of the
426:
279:Positive Money Europe
259:European Central Bank
140:
3054:, Thomas Mayer, 2016
2901:Working Paper Series
2758:www.fitchratings.com
2617:on 11 December 2017.
2010:www.handelsblatt.com
1820:– via YouTube.
1616:– via YouTube.
1467:Gillespie, Patrick.
724:interest on reserves
384:, Romain Baeriswyl,
344:, Oxford economists
175:Revival in the 2000s
95:. In November 2002,
2968:. 22 September 2019
2928:Philosophy of Money
2685:Philosophy of Money
2514:on 17 February 2020
2443:on 12 February 2017
1311:. 24 February 2016.
1046:. 4 December 2008.
1019:, 16 December 2008"
842:on 16 February 2020
594:Inflationary effect
551:In October 2020, a
307:quantitative easing
150:quantitative easing
54:quantitative easing
2834:IMF Working Papers
2809:. 23 February 2023
2243:on 24 October 2020
1992:The New York Times
1392:"Helicopter money"
1100:. 23 December 2014
582:
433:
431:(17 February 2016)
207:In December 2008,
74:citizens' dividend
2783:Missing or empty
2539:Economics Letters
1808:. 10 March 2016.
1700:Project Syndicate
1551:Project Syndicate
1266:. 14 January 2021
1150:Basic Income News
694:For this reason,
484:Christine Lagarde
462:Philippe Lamberts
390:Jean Pisani-Ferry
303:monetary policies
291:Philip Hildebrand
261:(ECB) launched a
215:suggested in the
40:Debt monetization
16:(Redirected from
3118:
3088:
3087:
3079:
3009:
3008:
2984:
2978:
2977:
2975:
2973:
2958:
2952:
2945:
2939:
2938:
2936:
2934:
2919:
2913:
2912:
2898:
2889:
2883:
2882:
2880:
2878:
2864:
2858:
2857:
2825:
2819:
2818:
2816:
2814:
2799:
2793:
2792:
2786:
2781:
2779:
2771:
2769:
2767:
2754:
2748:
2747:
2745:
2743:
2729:
2723:
2722:
2720:
2718:
2703:
2697:
2696:
2694:
2692:
2677:
2671:
2670:
2668:
2666:
2651:
2645:
2644:
2642:
2640:
2625:
2619:
2618:
2613:. Archived from
2602:
2596:
2595:
2587:
2581:
2580:
2570:
2530:
2524:
2523:
2521:
2519:
2510:. Archived from
2499:
2493:
2492:
2486:
2481:
2479:
2471:
2459:
2453:
2452:
2450:
2448:
2439:. Archived from
2437:eZonomics by ING
2431:eZonomics, ING.
2428:
2422:
2416:
2410:
2409:
2398:
2392:
2391:
2379:
2373:
2362:
2356:
2355:
2343:
2337:
2336:
2334:
2332:
2317:
2311:
2310:
2308:
2299:
2293:
2292:
2290:
2288:
2277:
2271:
2264:
2259:
2253:
2252:
2250:
2248:
2239:. Archived from
2237:SWI swissinfo.ch
2229:
2223:
2222:
2220:
2218:
2202:
2196:
2195:
2193:
2191:
2177:
2171:
2170:
2168:
2166:
2154:
2148:
2142:
2136:
2135:
2134:. 17 March 2020.
2124:
2118:
2117:
2106:
2100:
2093:
2087:
2086:
2084:
2082:
2067:
2061:
2060:
2058:
2056:
2040:
2034:
2028:
2022:
2021:
2019:
2017:
2002:
1996:
1995:
1983:
1977:
1976:
1956:
1950:
1949:
1947:
1945:
1935:
1929:
1928:
1916:
1910:
1909:
1902:
1896:
1895:
1893:
1891:
1886:on 11 April 2018
1882:. Archived from
1872:
1866:
1865:
1854:
1848:
1847:
1845:
1843:
1828:
1822:
1821:
1819:
1817:
1800:
1794:
1793:
1791:
1789:
1774:
1768:
1767:
1765:
1763:
1753:
1747:
1746:
1740:
1735:
1733:
1725:
1717:
1711:
1710:
1708:
1706:
1691:
1685:
1684:
1672:
1666:
1665:
1639:
1633:
1632:
1624:
1618:
1617:
1615:
1613:
1604:. 8 April 2016.
1596:
1590:
1589:
1587:
1585:
1577:Milken Institute
1568:
1562:
1561:
1559:
1557:
1542:
1536:
1535:
1533:
1531:
1516:
1510:
1509:
1507:
1505:
1490:
1484:
1483:
1481:
1479:
1464:
1458:
1457:
1455:
1453:
1438:
1432:
1431:
1429:
1427:
1417:
1411:
1410:
1387:
1381:
1380:
1374:
1366:
1357:
1348:
1342:
1341:
1339:
1337:
1322:
1313:
1312:
1305:
1299:
1298:
1296:
1294:
1282:
1276:
1275:
1273:
1271:
1256:
1250:
1249:
1234:
1228:
1227:
1221:
1213:
1211:
1209:
1203:Banque de France
1194:
1188:
1187:
1185:
1183:
1168:
1162:
1161:
1159:
1157:
1142:
1136:
1135:
1133:
1131:
1116:
1110:
1109:
1107:
1105:
1090:
1081:
1080:
1078:
1076:
1071:on 3 August 2012
1057:
1051:
1050:
1036:
1030:
1029:
1010:
1004:
1003:
1001:
992:
986:
983:
977:
976:
975:(Working Paper).
970:
961:
955:
954:
952:
950:
940:
934:
933:
897:
891:
890:
888:
873:
861:
855:
854:
849:
847:
838:. Archived from
832:
826:
825:
823:
821:
806:
800:
799:
785:
779:
778:
776:
774:
764:
566:Nanowar of Steel
382:Anatole Kaletsky
362:Brown University
350:Simon Wren-Lewis
158:zero lower bound
46:Helicopter money
21:
3126:
3125:
3121:
3120:
3119:
3117:
3116:
3115:
3111:Monetary policy
3096:
3095:
3094:
3082:
3074:
3036:, Bruegel, 2016
3018:
3013:
3012:
2986:
2985:
2981:
2971:
2969:
2960:
2959:
2955:
2946:
2942:
2932:
2930:
2921:
2920:
2916:
2896:
2891:
2890:
2886:
2876:
2874:
2872:Financial Times
2866:
2865:
2861:
2827:
2826:
2822:
2812:
2810:
2801:
2800:
2796:
2782:
2772:
2765:
2763:
2756:
2755:
2751:
2741:
2739:
2731:
2730:
2726:
2716:
2714:
2705:
2704:
2700:
2690:
2688:
2679:
2678:
2674:
2664:
2662:
2653:
2652:
2648:
2638:
2636:
2627:
2626:
2622:
2604:
2603:
2599:
2589:
2588:
2584:
2532:
2531:
2527:
2517:
2515:
2501:
2500:
2496:
2482:
2472:
2461:
2460:
2456:
2446:
2444:
2430:
2429:
2425:
2417:
2413:
2400:
2399:
2395:
2381:
2380:
2376:
2363:
2359:
2345:
2344:
2340:
2330:
2328:
2319:
2318:
2314:
2306:
2301:
2300:
2296:
2286:
2284:
2279:
2278:
2274:
2262:
2260:
2256:
2246:
2244:
2231:
2230:
2226:
2216:
2214:
2211:The Japan Times
2204:
2203:
2199:
2189:
2187:
2179:
2178:
2174:
2164:
2162:
2156:
2155:
2151:
2143:
2139:
2126:
2125:
2121:
2108:
2107:
2103:
2094:
2090:
2080:
2078:
2069:
2068:
2064:
2054:
2052:
2042:
2041:
2037:
2029:
2025:
2015:
2013:
2004:
2003:
1999:
1985:
1984:
1980:
1958:
1957:
1953:
1943:
1941:
1937:
1936:
1932:
1925:Financial Times
1918:
1917:
1913:
1904:
1903:
1899:
1889:
1887:
1874:
1873:
1869:
1856:
1855:
1851:
1841:
1839:
1830:
1829:
1825:
1815:
1813:
1802:
1801:
1797:
1787:
1785:
1776:
1775:
1771:
1761:
1759:
1755:
1754:
1750:
1736:
1726:
1719:
1718:
1714:
1704:
1702:
1693:
1692:
1688:
1681:Financial Times
1674:
1673:
1669:
1662:
1641:
1640:
1636:
1626:
1625:
1621:
1611:
1609:
1598:
1597:
1593:
1583:
1581:
1570:
1569:
1565:
1555:
1553:
1544:
1543:
1539:
1529:
1527:
1525:Financial Times
1518:
1517:
1513:
1503:
1501:
1492:
1491:
1487:
1477:
1475:
1466:
1465:
1461:
1451:
1449:
1440:
1439:
1435:
1425:
1423:
1419:
1418:
1414:
1389:
1388:
1384:
1367:
1355:
1350:
1349:
1345:
1335:
1333:
1324:
1323:
1316:
1307:
1306:
1302:
1292:
1290:
1284:
1283:
1279:
1269:
1267:
1258:
1257:
1253:
1243:Financial Times
1236:
1235:
1231:
1214:
1207:
1205:
1196:
1195:
1191:
1181:
1179:
1170:
1169:
1165:
1155:
1153:
1152:. 25 March 2017
1144:
1143:
1139:
1129:
1127:
1118:
1117:
1113:
1103:
1101:
1092:
1091:
1084:
1074:
1072:
1059:
1058:
1054:
1044:Financial Times
1038:
1037:
1033:
1023:Financial Times
1017:Financial Times
1012:
1011:
1007:
999:
994:
993:
989:
984:
980:
968:
963:
962:
958:
948:
946:
942:
941:
937:
899:
898:
894:
889:on 5 June 2016.
886:
871:
865:Milton Friedman
863:
862:
858:
845:
843:
834:
833:
829:
819:
817:
808:
807:
803:
787:
786:
782:
772:
770:
766:
765:
761:
756:
748:Monetary policy
744:
732:
720:tiered reserves
684:
675:
655:
627:
596:
587:
574:
562:
560:Popular culture
549:
532:Haruhiko Kuroda
520:
499:
488:Guy Verhofstadt
421:
419:In the Eurozone
397:Patrick Honohan
346:John Muellbauer
322:
299:
287:Stanley Fischer
246:
217:Financial Times
205:
189:Financial Times
177:
132:Milton Friedman
120:
108:negative equity
101:Federal Reserve
85:Milton Friedman
50:monetary policy
43:
28:
23:
22:
18:Helicopter drop
15:
12:
11:
5:
3124:
3122:
3114:
3113:
3108:
3098:
3097:
3093:
3092:
3072:
3071:
3061:
3055:
3049:
3043:
3037:
3031:
3025:
3017:
3014:
3011:
3010:
2979:
2953:
2940:
2914:
2884:
2859:
2820:
2794:
2749:
2724:
2713:on 18 May 2016
2698:
2687:. 3 April 2016
2672:
2646:
2620:
2597:
2582:
2525:
2494:
2485:|journal=
2454:
2423:
2411:
2393:
2388:The New Yorker
2374:
2357:
2338:
2312:
2294:
2282:"mainly macro"
2272:
2254:
2224:
2197:
2172:
2149:
2137:
2119:
2101:
2088:
2077:. 16 June 2021
2062:
2049:SĂĽddeutsche.de
2035:
2023:
1997:
1978:
1951:
1930:
1911:
1897:
1867:
1849:
1823:
1795:
1769:
1748:
1739:|journal=
1712:
1686:
1667:
1660:
1634:
1619:
1591:
1563:
1537:
1511:
1499:SPIEGEL ONLINE
1485:
1459:
1433:
1412:
1382:
1343:
1314:
1300:
1277:
1251:
1229:
1189:
1163:
1137:
1111:
1082:
1052:
1031:
1005:
987:
978:
956:
935:
914:10.1086/257211
908:(3): 240–246.
892:
867:(March 1968).
856:
827:
801:
780:
758:
757:
755:
752:
751:
750:
743:
740:
731:
728:
683:
680:
674:
671:
666:Biagio Bossone
654:
651:
631:Raghuram Rajan
626:
623:
600:hyperinflation
595:
592:
586:
583:
573:
570:
561:
558:
548:
545:
519:
516:
498:
495:
447:who declared:
429:Positive Money
420:
417:
321:
318:
298:
295:
245:
244:Implementation
242:
204:
201:
176:
173:
154:liquidity trap
119:
116:
58:liquidity trap
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3123:
3112:
3109:
3107:
3104:
3103:
3101:
3091:
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3053:
3050:
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3041:
3038:
3035:
3032:
3029:
3026:
3023:
3020:
3019:
3015:
3007:
3002:
2998:
2994:
2990:
2983:
2980:
2967:
2966:Bloomberg.com
2963:
2957:
2954:
2950:
2944:
2941:
2929:
2925:
2918:
2915:
2910:
2906:
2902:
2895:
2888:
2885:
2873:
2869:
2863:
2860:
2855:
2851:
2847:
2843:
2839:
2835:
2831:
2824:
2821:
2808:
2804:
2798:
2795:
2790:
2777:
2762:
2759:
2753:
2750:
2738:
2734:
2728:
2725:
2712:
2708:
2702:
2699:
2686:
2682:
2676:
2673:
2661:. 20 May 2016
2660:
2656:
2650:
2647:
2635:
2631:
2624:
2621:
2616:
2612:
2608:
2601:
2598:
2593:
2586:
2583:
2578:
2574:
2569:
2564:
2560:
2556:
2552:
2548:
2544:
2540:
2536:
2529:
2526:
2513:
2509:
2505:
2498:
2495:
2490:
2477:
2469:
2465:
2458:
2455:
2442:
2438:
2434:
2427:
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