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Pandemic Recession and Helicopter Money: Venice, 1629–1631

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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https://hal-univ-tlse2.archives-ouvertes.fr/hal-03522231
Contributor : Stefano Ugolini Connect in order to contact the contributor
Submitted on : Wednesday, January 12, 2022 - 12:01:19 AM
Last modification on : Thursday, January 20, 2022 - 5:15:23 PM

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Charles Goodhart, Donato Masciandaro, Stefano Ugolini. Pandemic Recession and Helicopter Money: Venice, 1629–1631. Financial History Review, Cambridge University Press (CUP), 2021, 28 (3), pp.300-318. ⟨10.1017/S0968565021000214⟩. ⟨hal-03522231⟩

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