The Helicopter Money Puzzle: Economic and Political Economy Arithmetic

We have helicopter money when there is a lump-sum monetary transfer which produces intended central bank capital losses and/or a permanent monetary base change. This extraordinary monetary policy option appears whenever there is a significant economic crisis. But then the helicopter never flies. Political economy reasons can explain such as outcome. An independent central bank can credibly define a social optimal helicopter money. But as the redistributive effects of helicopter money increase, and such as effects are politically relevant, the risk of citizen hostility towards the central bank policy increases, a multiple equilibria setting arises and the central bank helicopter money becomes unlikely.