University of Hertfordshire


Period26 Mar 2020


Media name/outletPolitico
Duration/Length/Size1000 words
Country/TerritoryUnited Kingdom
DescriptionThe coronavirus crisis tearing through Europe is likely to have an economic impact that is unprecedented in our lifetimes. As such, it calls for economic interventions that have never been seen before.

Policymakers like to talk in military terms about monetary measures intended to bolster or boost the economy. When the European Central Bank announces a €750 billion bond buying program it’s firing a “bazooka.” If the U.S. government sends $2,000 to every American that’s “helicopter money,” after a thought experiment by the American economist Milton Friedman, in which he proposed stimulating the economy by dropping dollar bills from above.

In this Opiion pice, we propose an update to Friedman’s idea, what we call “smart drone” money — a targeted invention in which consumers are provided with the equivalent of currency that they can spend on merchants that agree not to lay off permanent staff during a lockdown.
Producer/AuthorPOLITICO Europe is a joint-venture between POLITICO LLC, based in the USA and Axel Springer, the leading digital publisher in Europe.
PersonsNigel Culkin

Research outputs