| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w10163
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| 来源ID | Working Paper 10163
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| Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap |
| Willem H. Buiter
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| 发表日期 | 2003-12-15
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| 出版年 | 2003
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| 语种 | 英语
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| 摘要 | The paper provides a formalisation of the monetary folk proposition that fiat base money is an asset of the holder but not a liability of the issuer. The issuance of irredeemable fiat base money can have pure fiscal effects on private demand. With irredeemable fiat base money, weak restrictions on the monetary policy rule suffice to rule out liquidity trap equilibria - equilibria in which all current and future short nominal interest rates are at their lower bounds. In a model with flexible prices, liquidity trap equilibria cannot occur as long as the private sector does not expect the monetary authority to reduce the nominal money stock to zero in the long run. In a New-Keynesian model out provided the private sector expects the authorities not to reduce the nominal stock of base money below a certain finite level in the long run. Liquidity trap equilibria can exist if and for as long as the private sector expects that the monetary authorities will ultimately reverse any current expansion of the monetary base in present value terms. |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
|
| URL | https://www.nber.org/papers/w10163
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567791
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推荐引用方式
GB/T 7714 |
Willem H. Buiter. Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap. 2003.
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文件名：
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w10163.pdf
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格式：
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Adobe PDF
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