The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis

Giovanni Di Bartolomeo (), Paolo D'Imperio and Francesco Felici

Journal of Macroeconomics, 2022, vol. 73, issue C

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 microdata 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.

Keywords: COVID-19; Coronavirus; Macroeconomic impact; Fiscal policies; Lockdowns; Fiscal-policy-study case (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (5)

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Working Paper: The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis (2021)
Working Paper: The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:73:y:2022:i:c:s0164070422000441

DOI: 10.1016/j.jmacro.2022.103447

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