Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/223312 
Year of Publication: 
2020
Series/Report no.: 
GLO Discussion Paper No. 649
Publisher: 
Global Labor Organization (GLO), Essen
Abstract: 
This paper contributes to the policy discussion on Covid-19 by presenting real-time evidence on the magnitude of the shock for Italian firms. We take advantage of unique panel data on 7,800 companies between January 2020 {right before the pandemic{ and March of the same year {in the midst of lockdown policies. We then exploit the revision in expectation within this short time window to capture the impact of firms' idiosyncratic shock. Our analysis shows disproportionate effects for internationalized companies and provide some evidence on supply chain contagion. We also document stronger shocks for truly innovative companies and effects on long-run growth operating through the disruption of preexisting R&D plans.
Subjects: 
Covid-19
Firms
Expectations
Internationalization
Innovation
Global Value Chains
JEL: 
D84
F00
O3
Document Type: 
Working Paper

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