The Italian Block of the Escb Multi-Country Model

Angelini, Elena; D'Agostino, Antonello; McAdam, Peter

doi:10.2139/ssrn.913335

SSRN Journal

2006

DOI: 10.2139/ssrn.913335

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The Italian Block of the Escb Multi-Country Model

Elena Angelini,

Antonello D'Agostino,

Peter McAdam

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Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy

Canelli

Fontana

Realfonzo

et al. 2021

Review of Political Economy

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In response to the economic crisis unleashed by the Covid-19 pandemic, the EU authorities have launched extraordinary fiscal and monetary measures in support of member states. The impact of these measures is of great significance for Italy, the EU thirdlargest economy, which as a result of the pandemic has suffered a dramatic decline in GDP, and a further rise in the government debt to GDP ratio. Building on a stock-flow consistent, structural macroeconometric model, this paper shows that the currently planned EU measures are insufficient to boost the recovery of the Italian economy, and to ensure the sustainability of its government debt. The paper also assesses two potential alternative policies. A fiscal consolidation (i.e. austerity) policy would exacerbate the decline in GDP and further deteriorate the government debt to GDP ratio. By contrast, a money-financed fiscal stimulus policy could lead the Italian economy on a path of sustainable growth, with positive outcomes for employment and government finances.

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Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy

Canelli

Fontana

Realfonzo

et al. 2021

Review of Political Economy

View full text Add to dashboard Cite

show abstract

Modern Tools for Evaluating the Effects of Global Trade Wars

Makarov

Zi-li³

et al. 2019

Her. Russ. Acad. Sci.

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The Italian Block of the Escb Multi-Country Model

Cited by 2 publications

References 4 publications

Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy

Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy

Modern Tools for Evaluating the Effects of Global Trade Wars

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