The COVID-19 pandemic is an unprecedented worldwide event with a massive impact on the economic system. The first Western country that had to face the COVID-19 crisis was Italy, which therefore represents a natural "case study." By using the micro-data and granular policy information available at the Italian Ministry of Economy and Finance, this paper provides a macroeconomic quantitative assessment of the initial emergency fiscal measures introduced in 2020 and an analysis of the impact of the COVID-19 shock during the lockdown. We find that emergency measures avoided an additional fall of GDP of about 4.4% in 2020. The impact of public interventions on the dynamics of investments is particularly significant.
The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis / Di Bartolomeo, Giovanni; D'Imperio, Paolo; Felici, Francesco. - In: JOURNAL OF MACROECONOMICS. - ISSN 0164-0704. - 73:(2022), p. 103447. [10.1016/j.jmacro.2022.103447]
The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis
Di Bartolomeo, Giovanni;D'Imperio, Paolo;Felici, Francesco
2022
Abstract
The COVID-19 pandemic is an unprecedented worldwide event with a massive impact on the economic system. The first Western country that had to face the COVID-19 crisis was Italy, which therefore represents a natural "case study." By using the micro-data and granular policy information available at the Italian Ministry of Economy and Finance, this paper provides a macroeconomic quantitative assessment of the initial emergency fiscal measures introduced in 2020 and an analysis of the impact of the COVID-19 shock during the lockdown. We find that emergency measures avoided an additional fall of GDP of about 4.4% in 2020. The impact of public interventions on the dynamics of investments is particularly significant.File | Dimensione | Formato | |
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