Italy’s 60 million inhabitants woke up Tuesday under an unprecedented nationwide quarantine, an effort by authorities to fight the world’s second-deadliest outbreak of the coronavirus, and began working out what they can and can’t do. Rome’s piazzas were almost deserted and cafes had few customers, as the Italian capital was locked down for the first time. Many Italians seemed resigned to their new reality, which includes extreme restrictions on freedom of movement. Some wondered if the country should have moved more decisively earlier. “This is the only thing that could be done at this point. Let’s keep our fingers crossed and hope it works,” said Antonio Castellucci, who has a fruit and vegetable stand in a Roman market. “I wish the government had done this earlier. They should have copied the Chinese right away.”Under the national quarantine announced Monday evening by Prime Minister Giuseppe Conte, travel to, from and within Italy is permitted only if it is demonstrably necessary for work or health reasons.People must produce a declaration of the necessity of any journey, even within their city or province, if police perform checks on them. Workers can go to their office or factory, but must be prepared to declare it as necessary. Restaurants and bars must close at 6 p.m. Public gatherings are banned and people must keep a meter, or just over 3 feet, between themselves in stores, churches and all public places.On Tuesday, police in Rome began stopping people in town and inside the main Termini train station to check if they should be traveling. Police were also seen ensuring people were respecting the minimum distance requirement.Giacomo Cimini, who runs a small bar in Rome’s Testaccio neighborhood, said the government had no choice but to take the measures, but that perhaps they should have been even more severe. His bar was open Tuesday morning, though he had already seen a 75% drop in business in the past 10 days. Italians are adjusting to their new reality as the public-health crisis worsens. As of Monday evening, Italy had 9,172 cases of infection, of whom 463 had died. That was up from 2,502 infected and 79 dead a week ago. According to data reported by governments, Italy now has more daily deaths from the virus than anywhere else in the world. Only China has had more overall infections and deaths.In Milan, which was already locked down on Sunday along with a large part of Italy’s north, the number of people in the streets has declined in recent days, an indication that the country’s business capital has begun to take the coronavirus crisis more seriously. Until recently, many Milanese were still going out in the evening for their aperitivo. Some people were out walking dogs. A limited number of cars ferried people to work. But some businesses, restaurants and bars that had been open in recent days had signs saying they would remain closed until April 3, when the nationwide lockdown is due to end.Schools, universities, cinemas and museums are closed in all of Italy as the government tries to reduce social interaction as much as possible. Post offices were open in Milan on Tuesday, with people lining up outside and keeping the mandated distance between themselves before entering one at a time.Rome's Spanish Steps are virtually deserted after a decree orders for the whole of Italy to be on lockdown. Public transportation has continued to run in Milan throughout the public-health crisis, though trams, buses and the metro have carried a fraction of riders they normally have.In Rome, much as happened in Milan when restrictions were first applied, people rushed to supermarkets to stock up on food on Monday evening when the prime minister announced the lockdown.“You can see now there is more fear and uncertainty,” said Mr. Castellucci, the fruit-andvegetable seller.Even in the parts of northern Italy hit hardest by the virus, food stores have remained well stocked. Question: 1. Tourism represents 13% of the Italian economy. Explain how the lockdown and travel ban (ceteris paribus) will impact Italian investment, interest rates, economic output and price levels IN THE SHORT-RUN with their FIXED exchange rate. Be sure to include a well-labeled market for loanable funds graph AND an aggregate supply/demand figure with your explanation. 2. What if Italy had a flexible exchange rate? Again, there should be a well-labeled market for loanable funds graph AND an aggregate supply/demand figure with your explanation.
Italy’s 60 million inhabitants woke up Tuesday under an unprecedented nationwide quarantine, an effort by authorities to fight the world’s second-deadliest outbreak of the coronavirus, and began working out what they can and can’t do.
Rome’s piazzas were almost deserted and cafes had few customers, as the Italian capital was locked down for the first time. Many Italians seemed resigned to their new reality, which includes extreme restrictions on freedom of movement. Some wondered if the country should have moved more decisively earlier.
“This is the only thing that could be done at this point. Let’s keep our fingers crossed and hope it works,” said Antonio Castellucci, who has a fruit and vegetable stand in a Roman market. “I wish the government had done this earlier. They should have copied the Chinese right away.”
Under the national quarantine announced Monday evening by Prime Minister Giuseppe Conte, travel to, from and within Italy is permitted only if it is demonstrably necessary for work or health reasons.People must produce a declaration of the necessity of any journey, even within their city or province, if police perform checks on them. Workers can go to their office or factory, but must be prepared to declare it as necessary.
Restaurants and bars must close at 6 p.m. Public gatherings are banned and people must keep a meter, or just over 3 feet, between themselves in stores, churches and all public places.
On Tuesday, police in Rome began stopping people in town and inside the main Termini train station to check if they should be traveling. Police were also seen ensuring people were respecting the minimum distance requirement.
Giacomo Cimini, who runs a small bar in Rome’s Testaccio neighborhood, said the government had no choice but to take the measures, but that perhaps they should have been even more severe. His bar was open Tuesday morning, though he had already seen a 75% drop in business in the past 10 days.
Italians are adjusting to their new reality as the public-health crisis worsens. As of Monday evening, Italy had 9,172 cases of infection, of whom 463 had died. That was up from 2,502 infected and 79 dead a week ago. According to data reported by governments, Italy now has more daily deaths from the virus than anywhere else in the world. Only China has had more overall infections and deaths.
In Milan, which was already locked down on Sunday along with a large part of Italy’s north, the number of people in the streets has declined in recent days, an indication that the country’s business capital has begun to take the coronavirus crisis more seriously. Until recently, many Milanese were still going out in the evening for their aperitivo.
Some people were out walking dogs. A limited number of cars ferried people to work. But some businesses, restaurants and bars that had been open in recent days had signs saying they would remain closed until April 3, when the nationwide lockdown is due to end.
Schools, universities, cinemas and museums are closed in all of Italy as the government tries to reduce social interaction as much as possible.
Post offices were open in Milan on Tuesday, with people lining up outside and keeping the mandated distance between themselves before entering one at a time.
Rome's Spanish Steps are virtually deserted after a decree orders for the whole of Italy to be on lockdown.
Public transportation has continued to run in Milan throughout the public-health crisis, though trams, buses and the metro have carried a fraction of riders they normally have.
In Rome, much as happened in Milan when restrictions were first applied, people rushed to supermarkets to stock up on food on Monday evening when the prime minister announced the lockdown.
“You can see now there is more fear and uncertainty,” said Mr. Castellucci, the fruit-andvegetable seller.
Even in the parts of northern Italy hit hardest by the virus, food stores have remained well stocked.
Question:
1. Tourism represents 13% of the Italian economy. Explain how the lockdown and travel ban (ceteris paribus) will impact Italian investment, interest rates, economic output and price levels IN THE SHORT-RUN with their FIXED exchange rate. Be sure to include a well-labeled market for loanable funds graph AND an
2. What if Italy had a flexible exchange rate? Again, there should be a well-labeled market for loanable funds graph AND an aggregate supply/demand figure with your explanation.
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