Helicopter money: survey evidence on expectation formation and consumption behavior
We fielded a representative survey among the German population randomly assigning respondents to various unconventional monetary policy scenarios that raise household income. We find that in all policy treatments people spend almost 40% of the transfer. Spending shares are independent of whether the transfer is debt financed and provided by the government or provided by the central bank as "helicopter money".
E21 - Consumption; Saving ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization