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Pandemic Recession and Helicopter Money: Venice, 1629--1631

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  • Charles Goodhart

    (LEREPS)

  • Donato Masciandaro

    (LEREPS)

  • Stefano Ugolini

    (LEREPS)

Abstract
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.

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  • Charles Goodhart & Donato Masciandaro & Stefano Ugolini, 2022. "Pandemic Recession and Helicopter Money: Venice, 1629--1631," Papers 2201.07181, arXiv.org.
  • Handle: RePEc:arx:papers:2201.07181
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    3. Donato Masciandaro & Davide Romelli & Stefano Ugolini, 2023. "Fiscal Dominance, Monetary Policy and Exchange Rates: Lessons from Early-Modern Venice," BAFFI CAREFIN Working Papers 23205, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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    • G3 - Financial Economics - - Corporate Finance and Governance
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