Fiscal policies and the pandemic. The response of Italy to the Covid-19 crisis
This paper investigates qualitatively and quantitatively the fiscal policies adopted in Italy in response to the COVID-19 crisis. We assess the rationale of the policies in light of the characterizing features of the business and household sectors and of the state of public budgets. We then evaluate the impact of the policies through a calibrated model of the Italian economy featuring a comprehensive specification of taxes, transfers, and subsidies.