The effects of COVID-19 vaccines on economic activity

Swiss Journal of Economics and Statistics

Table 8 Bivariate regressions of vaccine surprises with various variables

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
New cases	14.6677
	(16.078)
Containment measures		− 4.7802
		(5.014)
Confirmed vaccine procurement (cumulative)			42.6610
			(83.119)
Potential vaccine procurement (cumulative)				25.5848
				(80.705)
Confirmed vaccine procurement (new)					− 64.1929
					(39.836)
Potential vaccine procurement (new)						− 55.4293
						(39.495)
NO₂ (lag 1)							0.0199
							(0.040)
NO₂ (lag 30)								0.0693
								(0.068)
CO (lag 1)									− 0.0431
									(0.048)
CO (lag 30)										− 0.0293
										(0.031)
Mobility (lag 1)											0.0000
											(0.001)
Mobility (lag 30)												0.0036
												(0.003)
Observations	5875	5848	5805	5805	5805	5805	5866	5790	5847	5700	5875	5875
R-squared	0.442	0.445	0.459	0.451	0.447	0.447	0.436	0.465	0.436	0.467	0.438	0.438
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
No. of countries	44	44	44	44	44	44	44	43	44	44	44	44

Table reports results from regressing the vaccine surprise variable (difference between percent of population that is fully vaccinated and the expected share that will be fully vaccinated taken from Airfinity) on various variables. All regressions include country and time fixed effects. Standard errors are clustered at the country level. ***, **, and * represent statistically significant at 1, 5, and 10%, respectively