When fiscal policy is active and monetary policy is passive in a heterogeneous agent New Keynesian (HANK) model, deficit-financed transfers to low-asset households lead to similar cumulative inflation but greater increases in real output than transfers to wealthier households. Household heterogeneity and targeted policy change the timing of output gaps, making this consistent with the Phillips Curve, contrary to conventional "sacrifice ratio" intuition. Equilibria where fiscal policy is active or passive but slow adjusting are quantitatively similar, so long as monetary policy is passive. However, even large active fiscal transfers to high marginal propensity to consume households induce a less sustained output expansion than a monetary policy shock in a conventional active monetary/passive fiscal setting, as the former's effect on real output is more persistent. In contrast, when monetary policy is passive, monetary policy is roughly as stimulative as fiscal policy.