Pandemic recession and helicopter money: Venice, 1629–1631

  title={Pandemic recession and helicopter money: Venice, 1629–1631},
  author={Donato Masciandaro and Charles A. E. Goodhart and Stefano Ugolini},
  journal={Financial History Review},
  pages={300 - 318}
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… 


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