Table 3.

Dynamic lockdowns average effect by modes of transport.

	I	II	III
	Bus	Metro	Bus & Metro
Lockdown	−0.290***	−0.112**	−0.130**
	(0.036)	(0.039)	(0.037)
	<0.001	0.009	0.001
First Measures	−1.107***	−1.428***	−1.453***
	(0.043)	(0.080)	(0.060)
	<0.001	<0.001	<0.001
Time Fixed Effects	Yes	Yes	Yes
Observations	5355	3893	5466

⁺p$<$ 0.10, *p$<$ 0.05, **p$<$ 0.01, ***p$<$ 0.001.

All columns show robust standard errors between parenthesis and p-values in italic.