Quantitative easing and helicopter money

The COVID crisis has rekindled the debate on the advantages of helicopter money over quantitative easing. By looking at the effects of quantitative easing, helicopter money and an expansionary fiscal policy on the balance sheets of the government, the central bank and the private sector, we can analyse the differences between quantitative easing and helicopter money: Quantitative easing works only through a change in the composition of the private sector financial portfolio (more money, fewer bonds), which explains why it is not very effective; Helicopter money is more effective, since it increases the financial wealth of the private sector (which holds more money without any flipside ); But i t has to be pointed out that helicopter money is equivalent to the fiscal deficit + quantitative easing taken as a whole, and is therefore not a new monetary policy.