Table 11.

Stringency index and ${\rho }_{g,t}$

	(1)	(2)	(3)
Containment and Health Index	$-$0.035***
	(0.011)
Average Stringency Index		$-$0.006
		(0.009)
Government Response Index			$-$0.031**
			(0.012)
Num.Obs	32518	32518	32518
$R^2$	0.433	0.432	0.433
FE: Region	X	X	X
FE: Country	X	X	X
FE: Date	X	X	X

*$p<0.1$, **$p<0.05$, ***$p<0.01$. Newey–West standard errors in parentheses. All regressions include region, country, and date fixed effects. The dependent variable is the calibrated ${\rho }_g$ for each region over time. Average Stringency Index, Containment and Health Index, and Government Response Index are obtained from The Oxford Covid-19 Government Response Tracker (OxCGRT). The regressions use daily variation across countries