Sebnem Kalemli-Ozcan, 04 January 2022

What were the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level, and how efficient was it?

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Gourinchas, P, Kalemli-Ozcan, S, Penciakova, V and Sander, N. 2021. 'Fiscal Policy in the Age of COVID: Does it 'Get in all of the Cracks?'' CEPR

Valerio Ercolani, Elisa Guglielminetti, Concetta Rondinelli, 26 June 2021

The Covid-19 pandemic has seen a surge in household savings across the world. This column exploits information from the Bank of Italy’s Special Survey of Italian Households to break down recent saving patterns in Italy. It finds an increase in precautionary savings associated with factors such as higher job uncertainty and fears of a protracted pandemic. Additionally, it suggests that a lasting precautionary attitude could slow the decumulation of piled up savings, even as the pandemic slows down.


CEPR Policy Research