Live at Project Syndicate: Rescue Helicopters for Stranded Economies: BERKELEY – For countries where nominal interest rates are at or near zero, fiscal stimulus should be a no-brainer.... Some point to the risk that, once the economy recovers and interest rates rise, governments will fail to make the appropriate adjustments to fiscal policy. But... governments that wish to pursue bad policies will do so no matter what decisions are made today.... Aversion to fiscal expansion reflects raw ideology, not pragmatic considerations.... This debate is no longer an intellectual discussion--if it ever was. As a result, a flanking move might be required. It is time for central banks to assume responsibility and implement ‘helicopter money’... **Read MOAR at Project Syndicate
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