Table 1.

Excess mortality rate by municipality income .

	(1)	(2)	(3)	(4)
	2020	Wave 1	Wave 2	No wave
Q1 (poor)	2.627***	1.178*	1.083***	0.366
	(0.996)	(0.672)	(0.359)	(0.297)
Controls	✓	✓	✓	✓
Urban area FE.	✓	✓	✓	✓
Non poor average	8.668	3.661	4.825	0.182
Observations	16640	16640	16640	16640

* $p<$0.1, ** $p<$0.05, *** $p<$0.01. Standard errors in parentheses clustered at the urban-area level.

NOTE: This table reports the coefficients associated with Eq. (2). The independent variable, excess mortality rate, is computed considering four different time periods: the whole year (column 1), wave 1 (March to April, column 2), wave 2 (October to December, column 3) and other months in 2020 outside the two waves (January, February and from May to September, column 4). By construction, column 1 is the sum of columns 2 to 4. The non-poor average line reports the average of the predicted value of the dependent variable in non-poor municipalities. Controls include total population size and the share of the population over 65 years old.