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- W1716428002 abstract "Discussions of adjustments to the quantity of money tend to take for granted the method by which new money enters the economy. Milton Friedman, for example, famously assumed the central bank distributed money directly to agents via helicopter in order to abstract away from relative price effects, in contrast to the real world, where expansion almost always takes place through financial markets. This paper compares the distribution and relative price effects of expansion by helicopter and through financial markets. The distribution effects of the former will in fact be more severe than those of the latter, except in the sort of representative agent model Friedman used. This result is illustrated using an agent-based model in order to introduce heterogeneity in the demand for cash balances. Finally, we argue the helicopter metaphor is relevant to the emerging literature on money supply norms for crypto-currencies, which – unlike any modern currencies – must distribute changes in the money supply without the use of financial markets." @default.
- W1716428002 created "2016-06-24" @default.
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- W1716428002 date "2015-01-01" @default.
- W1716428002 modified "2023-09-23" @default.
- W1716428002 title "On the Microfoundations of Money Supply Adjustments: An Essay in Loanable Fundamentalism" @default.
- W1716428002 cites W2139578715 @default.
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- W1716428002 doi "https://doi.org/10.2139/ssrn.2545488" @default.
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