Mmt June 20

POLICY COMPASS

Where Helicopters Dare

An Initial Assessment Of The Unconventional Policies Adopted by The World’s Major Economies

By Brunello Rosa and Nouriel Roubini

25 June 2020

In this paper we discuss:

• The common elements of the unconventional measures adopted to fight the Covid-crisis;
• Why the fiscal-monetary coordination has been the only real policy innovation of this crisis;
• What are the various measures adopted in US, China, EZ, Japan and UK;
• Whether MMT is substantially different from open-ended QE; and
• The market implications of all the above.

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