“Helicopter money” once started as a scientific aid. It was part of a thought experiment, for monetary economists to understand the consequences of changes in the supply of money. Assume, as the experiment would say, that central banks instead of buying bonds (with which they increase the monetary base), would throw money out of helicopters, giving every citizen instantly an x amount of additional money? What would that do to prices? In contrast, today we are discussing helicopter money as a practical policy tool, instead of an abstract, analytical aid.

From Thought Experiment to Policy Instrument


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