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Table 9 Robustness checks—instrumenting using vaccine surprises

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

Variables

(1)

(2)

(3)

NO2

CO

Mobility

Second dose per capita (instrumented with vaccine surprise)

0.01141***

0.00062

0.51819*

 

(0.002)

(0.000)

(0.263)

COVID-19 cases per capita (lag)

− 0.00497

0.00239

− 1.72696

 

(0.019)

(0.007)

(1.232)

NO2 emissions per capita (lag)

− 0.56732***

0.00825

0.09591

 

(0.032)

(0.010)

(0.379)

CO emissions per capita (lag)

0.01742

− 0.50816***

− 0.22019

 

(0.048)

(0.121)

(1.062)

Containment measures (lag)

0.00070

− 0.00033

− 0.61985***

 

(0.001)

(0.000)

(0.058)

Mobility (lag)

− 0.19556

− 0.07154

− 48.75752***

Observations

5909

5891

5898

R-squared

0.287

0.258

0.305

Country FE

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Health controls and country-time trends

Yes

Yes

Yes

No. of countries

44

44

44

  1. Table reports results for Eq. (1) but instruments for the share of fully vaccinated individuals with the vaccine surprise variable. The dependent variable is NO2 emissions per capita for column 1, CO emissions per capital for column 2, and change in retail and recreation mobility for column 3. The regressions control for stringency of containment measures, other non-pharmaceutical interventions and health policy controls (1 lag), lags of mobility (1 lag), lagged new cases, (1 lag), lagged NO2 and CO emissions (1 lag) country-specific time trends, as well as country and time fixed effects. Standard errors are clustered at the country level. ***, **, and * represent statistical significant at 1, 5, and 10%, respectively