Helicopter Money: What Is It and What Does It Do?

IF 6.8 2区 经济学 Q1 ECONOMICS Annual Review of Economics Pub Date : 2022-04-28 DOI:10.1146/annurev-economics-051420-020618
Ricardo Reis,Silvana Tenreyro
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Abstract

We review the different meanings of helicopter money, both in the literature and in the public debate around it, and we clarify the conditions under which helicopter money can have an impact on real activity. To do so, we set out a simple model that encapsulates a number of potential channels of policy transmission. The model provides a taxonomy of possibilities for helicopter money to affect the economy, as well as a benchmark set of conditions under which helicopter money is neutral. We use the model to analyze and discuss the impact that helicopter drops might have in response to a number of economic shocks, including a financial crisis, a fiscal crisis, and a pandemic. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
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直升机撒钱:它是什么?它有什么用?
我们回顾了直升机撒钱的不同含义,无论是在文献中还是在围绕它的公开辩论中,我们澄清了直升机撒钱可以对实际活动产生影响的条件。为此,我们建立了一个简单的模型,其中包含了一些潜在的政策传递渠道。该模型提供了直升机撒钱影响经济可能性的分类,以及一组基准条件,在这些条件下,直升机撒钱是中性的。我们使用该模型来分析和讨论直升机空投在应对一系列经济冲击(包括金融危机、财政危机和流行病)时可能产生的影响。《经济学年度评论》第14卷的最终在线出版日期预计为2022年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
9.70
自引率
3.60%
发文量
34
期刊介绍: The Annual Review of Economics covers significant developments in the field of economics, including macroeconomics and money; microeconomics, including economic psychology; international economics; public finance; health economics; education; economic growth and technological change; economic development; social economics, including culture, institutions, social interaction, and networks; game theory, political economy, and social choice; and more.
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