Claudio Borio, and his colleagues, incinerate a straw man. Helicopter money – sensibly defined – does not involve any new commitments about future monetary policy. So Borio’s arguments are not even relevant.
At the same time Borio’s paper fulfils a useful purpose: policies based on ‘permanent’ changes in the monetary base are a blind alley – either ill-defined, tautologous, or implausible. Usually all three. After all, nothing is permanent.