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 The quantitative analysis suggests that the policies reduced the gross domestic product (GDP) impact of the COVID-19 shock by 25 percent at the peak of the crisis Alternative fiscal stimulus plans tilted toward a larger reduction of corporate taxes, and stronger increases in public expenditures could have achieved a sharper attenuation of the GDP drop but would have been less desirable from a distributive perspective or for the dynamics of public finances

中文翻译：

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大流行中的财政政策：意大利对COVID-19危机的反应

本文定性和定量地研究了意大利为应对COVID-19危机而采取的财政政策。我们根据商业和家庭部门的特征以及公共预算状况，评估了政策的基本原理，然后评估了通过对税收，转移支付和补贴进行全面规范的意大利经济校准模型对政策的影响定量分析表明，这些政策使COVID-19冲击对国内生产总值（GDP）的影响降低了25％。危机的顶峰替代性的财政刺激计划倾向于大幅度减少公司税，公共支出的强劲增长本来可以使GDP下降幅度更大，但从分配的角度或公共财政的动态来看，则不那么理想