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

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Intereconomics

Abstract

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.

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Correspondence to Ansgar Belke.

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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.

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Belke, A. Helicopter Money: Should Central Banks Rain Money from the Sky?. Intereconomics 53, 34–40 (2018). https://doi.org/10.1007/s10272-018-0716-9

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  • DOI: https://doi.org/10.1007/s10272-018-0716-9

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