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.
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