‘Helicopter money’ is an often-evoked concept in macroeconomics, but the occurrence of helicopter money, strictly speaking, is exceedingly rare in history. This column describes one episode that actually provides a concrete illustration of this policy: the monetary financing of the pandemic recovery plan put in place by the Republic of Venice during the bubonic plague of 1630.
Charles Goodhart, Donato Masciandaro, Stefano Ugolini, 04 February 2021
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