Les « hélicoptères » des banques centrales
[The central banks' helicopters]
The 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.
|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|
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- Willem H. Buiter, 2005. "New Developments in Monetary Economics: Two ghosts, Two Eccentricities, a Fallacy, a Mirage and a Mythos," Economic Journal, Royal Economic Society, vol. 115(502), pages C1-C31, 03.
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