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We analyse the money-financed fiscal stimulus implemented in Venice duringthe famine and plague of 1629--31, which was equivalent to a 'net-worthhelicopter money' strategy -- a monetary expansion generating losses to theissuer. We argue that the strategy aimed at reconciling the need to subsidizeinhabitants suffering from containment policies with the desire to prevent anincrease in long-term government debt, but it generated much monetaryinstability and had to be quickly reversed. This episode highlights theredistributive implications of the design of macroeconomic policies and therole of political economy factors in determining such designs.

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