Fig. 5.

Income gradient in the direct effect of COVID-19 on mortality.

NOTE: The graph plots the point estimate and the 95% confidence intervals of the estimation of $\rho$ from Eq. (3) evaluated each month. It accounts for the monthly difference in all-cause excess mortality between the poor municipalities and the rest in the red and in green zones, where poor is defined as belonging to the bottom quartile of the national distribution of municipal median income weighted by the municipality size.