Helicopter money is closer than you think

Extra consumer spending could kickstart economic recovery - in a perfect world

Imagine that the world economy takes a turn for the worse and slips back into recession. Central banks double down on their quantitative easing programmes. That doesn't boost growth or bring an end to deflation. They push interest rates deep into negative territory. That doesn't work either.

At this point, politicians opt for the helicopter money approach. That's where central banks print money so finance ministries can hand it out to citizens in the hope that they will spend the unexpected windfall.