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1 results

  • Pandemic recession and helicopter money: Venice, 1629–1631

  • Donato Masciandaro, Charles Goodhart, Stefano Ugolini
  • Journal:
    Financial History Review / Volume 28 / Issue 3 / December 2021
    Published online by Cambridge University Press:
    11 January 2022, pp. 300-318
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  • We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary instability and had to be quickly reversed. This episode highlights the redistributive implications of the design of macroeconomic policies and the role of political economy factors in determining such designs.