Les « hélicoptères » des banques centrales
[The central banks' helicopters]
AbstractThe effects of quantitative easing policy, which looks like a “helicopter dropping” of money, are quite complex. Implemented following a major crisis induced by the deflation of bubbles on asset prices, this policy creates redistributive effects in favour of financial and banking institutions without effectively stimulating the growth due to its character of restricted currency distribution. Banking and sovereign debt crises in the euro area implies that the European Central Bank must reform the way it “drops” the money to effectively reduce the financing costs of financially constrained agents, including the governments of the member States of EMU.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 34526.
Date of creation: 09 Jun 2011
Date of revision: 04 Nov 2011
Publication status: Published in Bulletin de l'Observatoire des Politiques Economiques en Europe 5.24(2011): pp. 17-23
Quantitative easing; liquidity trap; monetary policy reform; sovereign debt and banking crisis; deflation;
Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-14 (All new papers)
- NEP-CBA-2011-11-14 (Central Banking)
- NEP-MAC-2011-11-14 (Macroeconomics)
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