Discover this new book published last May by Gilles Saint Paul, PSE chair and professor at the ENS, Florin Bilbiie and Alaïs Martin-Baillon.

« L’hélicoptère monétaire au-delà du mythe »

Dedicated page on the website of the publisher Rue d’Ulm:

Extract from the back cover


The sovereign debt crisis in the euro zone in early 2010 and, even more so, the consequences of the Covid crisis on activity and the financing needs of public spending have revived an old idea: that of “helicopter money”, which would make it possible to inject money into the economy in the form of direct transfers to individuals rather than through central bank intervention in the securities markets or through loans to banks.
This idea is more relevant than ever. Helicopter money has effects on activity, inflation, the effectiveness of monetary policy, and income distribution that are distinct from the traditional channels of monetary policy. It raises the question of the independence of fiscal policy from monetary policy and the democratic legitimacy of the latter in the context of a monetary union and an independent issuing institution.
Based on a conference organized by CEPREMAP, the Paris School of Economics and the Banque de France Foundation, which brought together international researchers, this book presents the essential issues of the monetary helicopter in a way that is accessible to a broadly informed public as well as to students of economics of all levels.

The authors

Florin Bilbiie is a professor at the University of Lausanne in Switzerland. He is an editor of the European Economic Review and a research associate at CEPR. His research focuses on macroeconomics and particularly on: aggregate demand with heterogeneity and inequality; aggregate supply with entry and variety; business cycles and monetary and fiscal stabilization policies.

Gilles Saint Paul is a PSE chair professor and professor at the ENS. He is also a visiting professor at New York University Abu Dhabi, a researcher at CEPR and at IZA (Bonn) and CES (Munich). He has also taught at Pompeu Fabra University (Barcelona) and TSE (Toulouse). He has been a member of the Economic Commission of the Nation (CEN) and the Council of Economic Analysis. In 2007 he was awarded the Yrjo Jahnsson Medal for the best European economist under 45 years old. His research focuses on macroeconomics, including risk, political economy and institutions, the labor market and fluctuations.

Alaïs Martin-Baillon holds a master’s degree in PSE. She is a PhD student at Sciences Po Paris under the supervision of Xavier Ragot. Her topic is “Rethinking Monetary Policies in Heterogeneous Agents Models”. Her research interests include heterogeneous agents, monetary economics, the business cycle, and optimal policy.

Press review

Richard Robert. « Helicopter money », le retour. Pour l’éco. 07-08/2021

Pierre-Antoine Delhommais – Y a-t-il un pilote dans l’hélico ?. Le point. 18/05/2021.