论文标题
大流行衰退和直升机金钱：威尼斯，1629--1631
Pandemic Recession and Helicopter Money: Venice, 1629--1631
论文作者
论文摘要
我们分析了1629---31的饥荒和瘟疫期间在威尼斯实施的货币资金的财政刺激，这相当于“净价值直升机货币”策略，这是对发行人造成的货币扩张。我们认为，该战略旨在调和需要补贴遭受遏制政策的居民，以防止长期政府债务增加，但它产生了很多货币不稳定，必须迅速扭转。这一集强调了宏观经济政策设计的重新分配含义以及政治经济学因素在确定此类设计中的作用。
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.
