CE26 - Innovation, travail

Implementing Helicopter Money: A Randomized Policy Evaluation – HELIMON

Submission summary

With interest rates at zero, central banks need to rely on unconventional policy measures to stimulate the economy. We propose a specific form of a direct monetary transfer to households and evaluate its impact on consumption using a randomized controlled trial. Subjects receive monetary transfers in the form of pre-paid debit cards; treatment and control groups vary in whether (and how fast) the unspent value of the card decreases over time. Our hypothesis is that negative interest rates on the unspent value induce a higher propensity to consume out of the transfer, which would improve the effectiveness of such a transfer as a means to stimulate demand. We design the transfer in a way that is politically and economically feasible, and, if the trial is successful, could be scaled to the national scale.

Project coordinator

Monsieur Johannes Boehm (Département d'économie de Sciences Po)

The author of this summary is the project coordinator, who is responsible for the content of this summary. The ANR declines any responsibility as for its contents.


Sciences Po Département d'économie de Sciences Po

Help of the ANR 381,687 euros
Beginning and duration of the scientific project: October 2020 - 30 Months

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