The Simple Analytics of Helicopter Money: Why It Works - Always
The Simple Analytics of Helicopter Money: Why It Works - Always
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DOI：
10.5018/economics-ejournal.ja.2014-28
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发表时间：
2014-08-21
影响因子：
0.5
通讯作者：
Buiter, Willem H.
中科院分区：
文献类型：
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作者：
Buiter, Willem H.
作者对米尔顿·弗里德曼关于“直升机”撒钱的寓言进行了严格的分析——法定基础货币利率名义存量的永久/不可逆转的增加，尊重中央银行和财政部（国家）的跨期预算约束。例如，通过增加基础货币存量和永久性量化宽松（中央银行在公开市场上购买不可逆转的货币化非货币主权债务）来提供永久资金的临时财政刺激措施。直升机撒钱总是能拉动总需求，必须满足三个条件。首先，持有法定基础货币除了其货币回报率之外还必须有其他好处。其次，法定基础货币是不可赎回的——被持有人视为资产，但发行人不视为负债。第三，货币价格呈正值。鉴于这三个条件，即使在永久性的流动性陷阱中，始终存在刺激私人需求的货币和财政政策组合行动，原则上是没有限制的。因此，通货紧缩、“低通胀”和长期停滞都是不必要的。它们是政策选择。
The author provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State. Examples are a temporary fiscal stimulus funded permanently through an increase in the stock of base money and permanent QE - an irreversible, monetized open market purchase by the Central Bank of non-monetary sovereign - debt. Three conditions must be satisfied for helicopter money always to boost aggregate demand. First, there must be benefits from holding fiat base money other than its pecuniary rate of return. Second, fiat base money is irredeemable - viewed as an asset by the holder but not as a liability by the issuer. Third, the price of money is positive. Given these three conditions, there always exists - even in a permanent liquidity trap - a combined monetary and fiscal policy action that boosts private demand - in principle without limit. Deflation, 'lowflation' and secular stagnation are therefore unnecessary. They are policy choices.