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Author: Frances Coppola Publisher: John Wiley & Sons ISBN: 1509531327 Category : Political Science Languages : en Pages : 59
Book Description
In the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.
Author: Frances Coppola Publisher: John Wiley & Sons ISBN: 1509531327 Category : Political Science Languages : en Pages : 59
Book Description
In the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.
Author: Ann Pettifor Publisher: Verso Books ISBN: 1786631377 Category : Business & Economics Languages : en Pages : 194
Book Description
What is money, where does it come from, and who controls it? In this accessible, brilliantly argued book, leading political economist Ann Pettifor explains in straightforward terms history’s most misunderstood invention: the money system. Pettifor argues that democracies can, and indeed must, reclaim control over money production and restrain the out-of-control finance sector so that it serves the interests of society, as well as the needs of the ecosystem. The Production of Money examines and assesses popular alternative debates on, and innovations in, money, such as “green QE” and “helicopter money.” She sets out the possibility of linking the money in our pockets (or on our smartphones) to the improvements we want to see in the world around us.
Author: Bruno S. Frey Publisher: Springer ISBN: 3319474588 Category : Business & Economics Languages : en Pages : 168
Book Description
Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Author: Julia Kaiser Publisher: GRIN Verlag ISBN: 3346462390 Category : Business & Economics Languages : en Pages : 8
Book Description
Seminar paper from the year 2018 in the subject Economics - Macro-economics, general, grade: 1.0, Jacobs University Bremen gGmbH, language: English, abstract: The so-called "helicopter money" is discussed as a direct alternative to monetary policy instruments like QE with which a Central Bank (CB) purchases government securities. This flooding [of] financial institutions with capital lowers interest rates and increases the money supply without printing new money. However, the effects of QE on the real economy were described as indirect and underwhelming.
Author: Reiner Martin Publisher: BoD – Books on Demand ISBN: 9925331986 Category : Fiction Languages : de Pages : 434
Book Description
Freuen Sie sich auch, wenn Sie einen Euro finden, der auf der Straße liegt? Die Freude ist deshalb umso größer, als einige Jahre in der Zukunft Tausende von Hubschraubern über allen großen europäischen Städten auftauchen und mehr als eine Milliarde 50-Euro-Noten vom Himmel herabregnen lassen. Und das ist erst der Anfang ... Das unverhofft erhaltene Geld stellt die Welt aller Europäer auf den Kopf, und die ganze Welt rätselt: Wer steckt hinter der geheimnisvollen Organisation, die das möglich gemacht hat?
Author: Ricardo Reis Publisher: ISBN: Category : Banks and banking, Central Languages : en Pages : 40
Book Description
We review the different meanings of helicopter money both in the literature and in the public debate around it, and 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 it is neutral. We use the model to analyse 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.
Author: Mark Blyth Publisher: ISBN: 9781788212793 Category : Languages : en Pages : 192
Book Description
The disconnect between our experience of the world and the economic model used to explain it has given rise to angrynomics. In a powerful and passionately argued analysis, Eric Lonergan and Mark Blyth offer a set of radical and innovative policies that might just help the world to be a less angry place.
Author: Willem Buiter Publisher: Cambridge University Press ISBN: 1108842828 Category : Business & Economics Languages : en Pages : 229
Book Description
It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.
Author: Willem H. Buiter Publisher: ISBN: Category : Liquidity (Economics) Languages : en Pages : 21
Book Description
This paper aims to provide a rigorous analysis of Milton Friedman's famous parable of the 'helicopter' drop of money. A helicopter drop of money is a permanent/irreversible increase in the nominal stock of fiat base money with a zero nominal interest rate, which respects the intertemporal budget constraint of the consolidated Central Bank and fiscal authority/Treasury -- the State. An example would be a temporary fiscal stimulus (say a one-off transfer payment to households, as in Friedman's example), funded permanently through an increase in the stock of base money. It could also be a permanent increase in the stock of base money through an irreversible open market purchase by the Central Bank of non-monetary sovereign debt held by the public -- that is, QE. The reason is that QE, viewed as an irreversible or permanent purchase of non-monetary financial assets by the Central Bank funded through an irreversible or permanent increase in the stock of base money, relaxes the intertemporal budget constraint of the State. Future taxes will have to be cut or public spending increased. There are three conditions that must be satisfied for helicopter money as defined here to always boost aggregate demand. First, there must be benefits from holding fiat base money other than its pecuniary rate of return. Only then will fiat base money be willingly held despite being dominated as a store of value by non-monetary assets with a positive risk-free nominal interest rate. Second, fiat base money is irredeemable: it is view as an asset by the holder but not as a liability by the issuer. This is necessary for helicopter money to work even in a pure liquidity trap, with risk-free nominal interest rates at zero for all maturities. Third, the price of money is positive. The paper shows that, when the State can issue unbacked, irredeemable fiat base money with a zero nominal interest rate, which can be produced at zero marginal cost and is held in positive amounts by households and other private agents despite the availability of risk-free securities carrying a positive nominal interest rate, there always exists a combined monetary and fiscal policy action that boosts private demand -- in principle without limit. Deflation, inflation below target, 'lowflation', 'subflation', liquidity traps and the deficient demand-driven version of secular stagnation are therefore unnecessary. They are policy choices.
Author: Frances Coppola
Author: Frances Coppola
Author: Stanley Ku
Author: Ann Pettifor
Author: Bruno S. Frey
Author: Julia Kaiser
Author: Reiner Martin
Author: Ricardo Reis
Author: Mark Blyth
Author: Willem Buiter
Author: Willem H. Buiter