Table 2. Parallel trend analysis and balanced covariates test.
| Panel A: Parallel Trend | ||||
| Mean | ||||
| Low Shut11m | High Shut11m | Difference | T-test | |
| ExcDeathRatem | 3.521 | 3.499 | 0.022 | 0.122 |
| ΔExcDeathRatem | -0.373 | -0.333 | -0.04 | -0.267 |
| gExcDeathRatem | 1.758 | 1.683 | 0.0756 | 1.095 |
| Panel B: Municipality characteristics | ||||
| Mean | ||||
| Low Shut11m | High Shut11m | Difference | T-test | |
| WeekArrivalm | 5.464 | 5.595 | -0.131 | -1.067 |
| IntMobm | 36.345 | 44.530 | -7.985 | -15.962*** |
| PopDensm | 6.055 | 5.691 | 0.364 | 7.952*** |
| HighSchoolp | 56.474 | 56.219 | 0.255 | 0.714 |
| IncIneqm | 10.418 | 11.202 | -0.784 | -2.712*** |
| Elderlyp | 36.314 | 36.09 | 0.224 | 1.203 |
Comparison of municipalities with high and low exposure to the first shutdown. Municipalities are first assigned into groups (above and below the median) conditional on their virus arrival week. Values are averaged over the 10-days period surrounding the first policy announcement (03/07 to 03/15). Variable definitions are in S1 Table.