Pandemic recession and helicopter money: Venice, 1629–1631

We analyse the money-financed fiscal stimulus implemented in Venice during famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – monetary expansion generating losses issuer. argue that aimed at reconciling need subsidize inhabitants suffering from containment policies with desire prevent an increase long-term government debt, but it generated much instability had be quickly reversed. This episode highlights redistributive implications design macroeconomic role political economy factors determining such designs.