Table 1.
High-frequency indicators and monthly measures of economic activity (2019–2021)
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) |
|---|---|---|---|---|---|---|---|---|---|
| NO2 | NO2 | NO2 | CO | CO | CO | Mobility | Mobility | Mobility | |
| Industrial production (IP) |
0.365665*** (0.077) |
0.173088*** (0.059) |
8.497571* (4.251) |
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| Purchasing Managers' Index (PMI) |
0.253454*** (0.085) |
− 0.082399 (0.085) |
2.700382 (3.941) |
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| Composite leading indicator (CLI) |
0.004974** (0.002) |
0.003803 (0.002) |
1.040853*** (0.365) |
||||||
| Constant |
− 0.011543 (0.035) |
0.011421 (0.037) |
− 0.463284** (0.189) |
− 0.016109 (0.043) |
0.001686 (0.038) |
− 0.398601 (0.237) |
0.258797 (1.670) |
− 0.913749 (1.740) |
− 102.413798*** (36.859) |
| Observations | 1178 | 1070 | 1017 | 976 | 956 | 803 | 944 | 918 | 592 |
| R-squared | 0.262 | 0.201 | 0.213 | 0.119 | 0.061 | 0.074 | 0.574 | 0.519 | 0.623 |
| Country FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Time FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| No. of countries | 43 | 39 | 37 | 38 | 37 | 31 | 57 | 54 | 37 |
Standard error clustered at the country level. Robust standard errors in parentheses ***, **, and * represent statistically significant at 1, 5, and 10%, respectively