New Paper by Global Society of Fellows, Paul McCulley and Zoltan Pozsar

January 9, 2013

Paul McCulley, Chair of the Global Society of Fellows, and Zoltan Pozsar, Visiting Scholar of GSF, today released their paper, “Helicopter Money: Or How I stopped Worrying and Love Fiscal-Monetary Cooperation”. “Helicopter Money” analyzes the impact of cooperation between the fiscal and monetary authority and argues how critical it is in a period of private deleveraging cycles. McCulley and Pozsar further show that a fiscal-monetary cooperative effort must also be communicated effectively to ensure that the fiscal stimulus mirrors the length of the private deleveraging cycle.