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

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...

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Autores principales: Di Bartolomeo, Giovanni, D'Imperio, Paolo, Felici, Francesco
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9161678/
https://www.ncbi.nlm.nih.gov/pubmed/35669889
http://dx.doi.org/10.1016/j.jmacro.2022.103447
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author Di Bartolomeo, Giovanni
D'Imperio, Paolo
Felici, Francesco
author_facet Di Bartolomeo, Giovanni
D'Imperio, Paolo
Felici, Francesco
author_sort Di Bartolomeo, Giovanni
collection PubMed
description 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.
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spelling pubmed-91616782022-06-02 The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis() Di Bartolomeo, Giovanni D'Imperio, Paolo Felici, Francesco J Macroecon Article 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. Elsevier Inc. 2022-09 2022-06-02 /pmc/articles/PMC9161678/ /pubmed/35669889 http://dx.doi.org/10.1016/j.jmacro.2022.103447 Text en © 2022 Elsevier Inc. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Di Bartolomeo, Giovanni
D'Imperio, Paolo
Felici, Francesco
The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title_full The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title_fullStr The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title_full_unstemmed The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title_short The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis()
title_sort fiscal response to the italian covid-19 crisis: a counterfactual analysis()
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9161678/
https://www.ncbi.nlm.nih.gov/pubmed/35669889
http://dx.doi.org/10.1016/j.jmacro.2022.103447
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