Fig. 14

LP cumulative impulse responses of infection growth I. The impulse responses are estimated using the local projection specification in (5) with \(p=4\), \(P=\Delta\) \({\text {KSI}}^+\) (left), \(P_{\{c2a,c4\}}=\Delta\) \({\text {KSI}}\) \(_{-\{c2a,c4\}}^+\) (right), \(B=\Delta \ln {\text {NTRX}}\), and \(I = \ln R_e\) with (red) and without (blue) time fixed effects. In the left panel, the sub-categories are omitted and in the right panel, the aggregate policy index does exclude Workplace Closings (c2a) and Restrictions on Gatherings (c4) since they enter the equation individually. The data span June 22, 2020, until January 17, 2021. The shaded areas represent the 95% and 90% confidence intervals based on standard errors corrected for serial correlation. The horizontal axes depict the time horizon in weeks. The vertical axes show the level response of \(\ln {\text {NINF}}\)