Table 5.

Differential (TD) impact of market reform intensity on the prices and market arrivals of wheat

	Log prices (April–June)	Log market arrivals (April–June)
HighCovid × HImarket-reforms × year2020, ${\gamma }_7$	0.012** (0.005)	− 0.245 (0.149)
HImarket-reforms × year2020, ${\gamma }_6$	− 0.009*** (0.003)	0.055 (0.181)
HighCovid × year2020, ${\gamma }_4$	0.003 (0.004)	0.171 (0.130)
Observations	64,085	66,845
R square	0.417	0.535

All regressions are based on specification 2 as described in the text. Coefficients in italics have pre-Covid-19 trends. Standard errors are clustered at the week and year level. *p < 0.10, **p < 0.05, ***p < 0.01