Table 3.
Impact of the pandemic mortality on output
| Dependent variable | Output1 (baseline) | Output2 | Output3 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (3.1) | (3.2) | (3.3) | (3.4) | (3.5) | (3.6) | (3.7) | (3.8) | (3.9) | (3.10) | |
| excess_a (baseline) |
-1.157*** (0.290) |
-1.151*** (0.324) |
-1.464*** (0.418) |
-0.995*** (0.333) |
||||||
| excess_b |
-1.263*** (0.327) |
-1.600*** (0.455) |
-1.011*** (0.353) |
|||||||
| excess_c | -1.230*** (0.333) |
-1.556*** (0.481) |
-1.045*** (0.368) |
|||||||
| Controls | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Obs | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 |
| R-squared | 0.18 | 0.31 | 0.34 | 0.32 | 0.24 | 0.27 | 0.25 | 0.23 | 0.24 | 0.24 |
*** p < 0.01, ** p < 0.05, * p < 0.1. Robust standard errors are in parenthesis.
excess_a/ Output1 (baseline): Averaged 1968–70 deviation (for the Northern hemisphere) or averaged 1969–70 deviation (for the Southern hemisphere) in excess mortality rate or real GDP growth rate from pre-pandemic level (1965–67).
excess_b/ Output2: Averaged 1969–70 deviation in excess mortality rate or real GDP growth rate from pre-pandemic level (1965–67).
excess_c/ Output3: Averaged 1968–70 deviation (for the Northern hemisphere) or averaged 1969–70 deviation (for the Southern hemisphere) in excess mortality rate or real GDP growth rate from pre-pandemic level (1963–67).
Control variables: the underlying economic conditions, including inflation, government consumption, trade openness, years of secondary schooling, population growth, and political right index in the pre-pandemic period 1965–67.