In response to the two waves of Covid-19 in 2020, the Italian government implemented a general lockdown in March, but geographically targeted policies during fall. We exploit this natural experiment to compare the effects of the two policies in a difference-in-differences design, leveraging a...

In this paper, we empirically assess repercussions of the pandemic on the firm-level productivity worldwide. COVID-19 shock was very heterogeneous across sectors. Our findings show that firms' responses to the shock also varied within sectors: more productive firms coped with the crisis better...