Table 3.
Effect of vaccines on economic activity—alternative high-frequency economic indicators
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NO2 | NO2 | NO2 | NO2 | CO | CO | CO | CO | Mobility | Mobility | Mobility | Mobility | |
| First dose per capita |
0.004539** (0.002) |
0.002492* (0.001) |
0.004790*** (0.002) |
0.000123 (0.001) |
− 0.000001 (0.001) |
0.000273 (0.001) |
0.070539 (0.114) |
− 0.003033 (0.089) |
0.058095 (0.110) |
|||
| Second dose per capita |
0.010261*** (0.003) |
0.000626 (0.001) |
0.379216** (0.144) |
|||||||||
| Surprises in vaccines administered (per capita) |
0.011232*** (0.002) |
0.011086*** (0.002) |
0.000538 (0.000) |
0.000530 (0.000) |
0.496498** (0.217) |
0.494948** (0.216) |
||||||
| COVID-19 cases per capita (lag) |
0.005300 (0.025) |
− 0.017239 (0.021) |
0.003334 (0.019) |
− 0.023925 (0.023) |
0.001749 (0.008) |
0.000369 (0.008) |
0.001265 (0.007) |
− 0.000291 (0.008) |
0.009952 (1.358) |
− 0.832376 (1.163) |
− 1.315359 (1.069) |
− 1.647660 (1.445) |
| NO2 emissions per capita (lag) |
− 0.554868*** (0.031) |
− 0.560258*** (0.030) |
− 0.565083*** (0.033) |
− 0.566872*** (0.033) |
0.008407 (0.010) |
0.008073 (0.010) |
0.008540 (0.010) |
0.008438 (0.010) |
0.342440 (0.488) |
0.154355 (0.416) |
0.188923 (0.435) |
0.167182 (0.427) |
| CO emissions per capita (lag) |
0.019537 (0.044) |
0.022281 (0.048) |
0.018653 (0.046) |
0.018753 (0.045) |
− 0.516948*** (0.115) |
− 0.516781*** (0.115) |
− 0.508693*** (0.121) |
− 0.508687*** (0.120) |
− 0.086799 (0.992) |
0.006510 (1.079) |
− 0.139745 (0.986) |
− 0.137757 (0.979) |
| Containment measures (lag) |
− 0.228008 (0.144) |
− 0.161003 (0.125) |
− 0.197816 (0.119) |
− 0.159762 (0.121) |
− 0.065146 (0.044) |
− 0.061008 (0.042) |
− 0.068454 (0.046) |
− 0.066262 (0.044) |
− 50.95811*** (9.110) |
− 48.48066*** (8.067) |
− 49.0482(7.160) 9*** |
− 48.57127*** (7.039) |
| Mobility (lag) |
0.001094 (0.001) |
0.000755 (0.001) |
0.000741 (0.001) |
0.000713 (0.001) |
− 0.000268 (0.000) |
− 0.000289 (0.000) |
− 0.000325 (0.000) |
− 0.000327 (0.000) |
− 0.595574*** (0.059) |
− 0.608155*** (0.057) |
− 0.619935*** (0.058) |
− 0.620257*** (0.058) |
| Constant |
− 9.944917 (11.214) |
− 38.42561*** (10.513) |
6.795432 (5.203) |
− 6.379479 (6.577) |
2.156221 (2.085) |
0.419049 (1.855) |
2.113492 (1.511) |
1.363800 (2.304) |
− 1151.16493* (602.222) |
− 2212.384*** (798.360) |
− 765.8508*** (273.347) |
− 925.315016* (459.661) |
| Observations | 6226 | 6226 | 5879 | 5879 | 6208 | 6208 | 5861 | 5861 | 6215 | 6215 | 5868 | 5868 |
| R-squared | 0.326 | 0.330 | 0.332 | 0.333 | 0.281 | 0.281 | 0.278 | 0.278 | 0.432 | 0.437 | 0.443 | 0.443 |
| Country FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Time FE | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Health controls and country-time trends | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| No. of countries | 46 | 46 | 44 | 44 | 46 | 46 | 44 | 44 | 46 | 46 | 44 | 44 |
Table reports results for Eq. (1). The dependent variable is NO2 emissions per capita for columns 1–4, CO emissions per capital for columns 5–8 and change in retail and recreation mobility for columns 9–12. The regressions control for stringency of containment measures, other non-pharmaceutical interventions and health policy controls (one lag), lags of mobility (one lag), lagged new cases, (one lag), lagged NO2 and CO emissions (one lag) country-specific time trends, as well as country and time fixed effects. Standard errors are clustered at the country level. ***, **, and * represent statistically significant at 1, 5, and 10%, respectively