Skip to main content
Log in

Helicopter Money: Should Central Banks Rain Money from the Sky?

  • Articles
  • Monetary Policy
  • Published:


Ultra-low interest rates have become an endemic and potentially problematic characteristic of the global economy. Central banks in the euro area, the United States, Japan and Australia have bet on lowering interest rates to increase inflation, but despite their efforts, core inflation remains stubbornly below the desired two per cent. However, central banks have another tool at their disposal that has the potential to stimulate inflation: helicopter money.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Subscribe and save

Springer+ Basic
EUR 32.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or Ebook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Similar content being viewed by others

Author information

Authors and Affiliations


Corresponding author

Correspondence to Ansgar Belke.

Additional information

I gratefully acknowledge the comments received from participants at the conference “Notenbanken auf dem Prüfstand”, Volkswirtschaftliche Bankenrunde, Kreditanstalt für Wiederaufbau, Frankfurt, 19 April 2016, and from my students in monetary economics at the University of Duisburg-Essen in the summer terms 2016 and 2017.

Ansgar Belke, University of Duisburg-Essen, Germany.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Belke, A. Helicopter Money: Should Central Banks Rain Money from the Sky?. Intereconomics 53, 34–40 (2018).

Download citation

  • Published:

  • Issue Date:

  • DOI: