Pietro Pizzuto's Books

Environmental Policies and Innovation in Renewable Energy

By: Luca Bettarelli,Davide Furceri,Pietro Pizzuto,Nadia Shakoor

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Environmental Policies and Innovation in Renewable Energy

By: Luca Bettarelli,Davide Furceri,Pietro Pizzuto,Nadia Shakoor

This paper investigates the effect of Climate Change Policies (CCPs) on green innovation, for a sample of 40 advanced and emerging market economies and 5 economic sectors, during the period 2000-2021. Our results suggest that CCPs increase green patents, with the effect increasing gradually over time. The effect is larger for non-market-based policies—such as R&D subsidies—and technology-support instruments, in countries with greater competitiveness and during periods of stronger economic activity—that is, higher GDP growth, lower uncertainty and financial stress. The results based on a difference-in-differences approach suggest that the positive effect of stricter CCPs on green innovation is stronger in sectors with limited financial constraints.

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International Monetary Fund

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ISBN 13

9798400251658

Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics

By: Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto

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Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics

By: Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto

This paper provides evidence on the impact of major epidemics from the past two decades on income distribution. The pandemics in our sample, even though much smaller in scale than COVID-19, have led to increases in the Gini coefficient, raised the income share of higher-income deciles, and lowered the employment-to-population ratio for those with basic education compared to those with higher education. We provide some evidence that the distributional consequences from the current pandemic may be larger than those flowing from the historical pandemics in our sample, and larger than those following typical recessions and financial crises.

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International Monetary Fund

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ISBN 10

1513582372

ISBN 13

9781513582375

Fiscal Multipliers and Informality

By: Emilio Colombo,Davide Furceri,Pietro Pizzuto,Patrizio Tirelli

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Fiscal Multipliers and Informality

By: Emilio Colombo,Davide Furceri,Pietro Pizzuto,Patrizio Tirelli

This paper investigates the role of informality in affecting the magnitude of the fiscal multiplier in a panel of 141 countries, using the local projections method. We find a strong negative relationship between the degree of informality and the size of the fiscal multiplier. This result holds irrespective of the levels of economic development and institutional quality and is robust to additional country characteristics such as trade, financial openness and exchange rate regime. In a two-sector new- Keynesian model, we rationalize this result by showing that fiscal shocks raise the relative price of official goods, shifting demand towards the informal sector. This reallocation effect increases with the level of informality, because a larger informal sector is associated with a stronger appreciation of relative prices in response to fiscal shocks. Thus, informality raises the size of the unofficial multiplier. A higher degree of non-separability between public and private goods also contributes to rationalize the lower multipliers in high-informality countries.

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International Monetary Fund

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ISBN 13

9798400209055

The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role?

By: Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto

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The Rise in Inequality After Pandemics: Can Fiscal Support Play a Mitigating Role?

By: Davide Furceri,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto

Major epidemics of the last two decades (SARS, H1N1, MERS, Ebola and Zika) have been followed by increases in inequality (Furceri, Loungani, Ostry and Pizzuto, 2020). In this paper, we show that the extent of fiscal consolidation in the years following the onset of these pandemics has played an important role in determining the extent of the increase in inequality. Episodes marked by extreme austerity—measured using either the government’s fiscal balance, health expenditures or redistribution—have been associated with an increase in the Gini measure of inequality three times as large as in episodes where fiscal policy has been more supportive. We survey the evidence thus far on the distributional impacts of the COVID-19 pandemic, which suggests that inequality is likely to increase in the absence of strong policy actions. We review the case made by many observers (IMF 2020; Stiglitz 2020; Sandbu 2020b) that fiscal support should not be withdrawn prematurely despite understandable concerns about high public debt-to-GDP ratios.

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International Monetary Fund

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ISBN 10

1513582402

ISBN 13

9781513582405

Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics

By: Johannes Emmerling,Davide Furceri,Francisco Líbano Monteiro,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto,Massimo Tavoni

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Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics

By: Johannes Emmerling,Davide Furceri,Francisco Líbano Monteiro,Mr. Prakash Loungani,Mr. Jonathan David Ostry,Pietro Pizzuto,Massimo Tavoni

COVID-19 has had a disruptive economic impact in 2020, but how long its impact will persist remains unclear. We offer a prognosis based on an analysis of the effects of five previous major epidemics in this century. We find that these pandemics led to significant and persistent reductions in disposable income, along with increases in unemployment, income inequality and public debt-to-GDP ratios. Energy use and CO2 emissions dropped, but mostly because of the persistent decline in the level of economic activity rather than structural changes in the energy sector. Applying our empirical estimates to project the impact of COVID-19, we foresee significant scarring in economic performance and income distribution through 2025, which be associated with an increase in poverty of about 75 million people. Policy responses more effective than those in the past would be required to forestall these outcomes.

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