Helicopter Money: What Is It and What Does It Do?
梳理了直升机撒钱的不同含义，通过一个简单模型分析其在金融危机、财政危机和疫情等冲击下影响实体经济的条件与传导渠道。
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.