Will QE programs and fiscal stimulus morph into helicopter money?

Several monetary and fiscal policies have been announced within the G20 to combat the coronavirus shock; (1) a return of zero, or near, zero interest-rate policy (ZIRP), (2) resumption of QE asset purchase programs, with more flexibility (i.e., US Fed, ECB notably); and (3) fiscal support for corporates and households on wage bills and tax holidays. Therefore, the ECB announced less demanding credit rules and no limit on the share of country bonds that it can buy (compared to the previous 33% limit).

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