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Swiss Journal of Economics and Statistics

Table 3 Effect of vaccines on economic activity—alternative high-frequency economic indicators

From: The effects of COVID-19 vaccines on economic activity

Variables

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

NO2

NO2

NO2

NO2

CO

CO

CO

CO

Mobility

Mobility

Mobility

Mobility

First dose per capita

0.004539**

(0.002)

0.002492*

(0.001)

 

0.004790***

(0.002)

0.000123

(0.001)

− 0.000001

(0.001)

 

0.000273

(0.001)

0.070539

(0.114)

− 0.003033

(0.089)

 

0.058095

(0.110)

Second dose per capita

 

0.010261***

(0.003)

   

0.000626

(0.001)

   

0.379216**

(0.144)

  

Surprises in vaccines administered (per capita)

  

0.011232***

(0.002)

0.011086***

(0.002)

  

0.000538

(0.000)

0.000530

(0.000)

  

0.496498**

(0.217)

0.494948**

(0.216)

COVID-19 cases per capita (lag)

0.005300

(0.025)

− 0.017239

(0.021)

0.003334

(0.019)

− 0.023925

(0.023)

0.001749

(0.008)

0.000369

(0.008)

0.001265

(0.007)

− 0.000291

(0.008)

0.009952

(1.358)

− 0.832376

(1.163)

− 1.315359

(1.069)

− 1.647660

(1.445)

NO2 emissions per capita (lag)

− 0.554868***

(0.031)

− 0.560258***

(0.030)

− 0.565083***

(0.033)

− 0.566872***

(0.033)

0.008407

(0.010)

0.008073

(0.010)

0.008540

(0.010)

0.008438

(0.010)

0.342440

(0.488)

0.154355

(0.416)

0.188923

(0.435)

0.167182

(0.427)

CO emissions per capita (lag)

0.019537

(0.044)

0.022281

(0.048)

0.018653

(0.046)

0.018753

(0.045)

− 0.516948***

(0.115)

− 0.516781***

(0.115)

− 0.508693***

(0.121)

− 0.508687***

(0.120)

− 0.086799

(0.992)

0.006510

(1.079)

− 0.139745

(0.986)

− 0.137757

(0.979)

Containment measures (lag)

− 0.228008

(0.144)

− 0.161003

(0.125)

− 0.197816

(0.119)

− 0.159762

(0.121)

− 0.065146

(0.044)

− 0.061008

(0.042)

− 0.068454

(0.046)

− 0.066262

(0.044)

− 50.95811***

(9.110)

− 48.48066***

(8.067)

− 49.0482(7.160)

9***

− 48.57127***

(7.039)

Mobility (lag)

0.001094

(0.001)

0.000755

(0.001)

0.000741

(0.001)

0.000713

(0.001)

− 0.000268

(0.000)

− 0.000289

(0.000)

− 0.000325

(0.000)

− 0.000327

(0.000)

− 0.595574***

(0.059)

− 0.608155***

(0.057)

− 0.619935***

(0.058)

− 0.620257***

(0.058)

Constant

− 9.944917

(11.214)

− 38.42561***

(10.513)

6.795432

(5.203)

− 6.379479

(6.577)

2.156221

(2.085)

0.419049

(1.855)

2.113492

(1.511)

1.363800

(2.304)

− 1151.16493*

(602.222)

− 2212.384***

(798.360)

− 765.8508***

(273.347)

− 925.315016*

(459.661)

Observations

6226

6226

5879

5879

6208

6208

5861

5861

6215

6215

5868

5868

R-squared

0.326

0.330

0.332

0.333

0.281

0.281

0.278

0.278

0.432

0.437

0.443

0.443

Country FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Health controls and country-time trends

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No. of countries

46

46

44

44

46

46

44

44

46

46

44

44

  1. Table reports results for Eq. (1). The dependent variable is NO2 emissions per capita for columns 1–4, CO emissions per capital for columns 5–8 and change in retail and recreation mobility for columns 9–12. The regressions control for stringency of containment measures, other non-pharmaceutical interventions and health policy controls (one lag), lags of mobility (one lag), lagged new cases, (one lag), lagged NO2 and CO emissions (one lag) country-specific time trends, as well as country and time fixed effects. Standard errors are clustered at the country level. ***, **, and * represent statistically significant at 1, 5, and 10%, respectively
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