Table 1.

The effects of stay‐at‐home orders.

	(1)	(2)	(3)
	Res. Mobility	Reproduction Rate	Init. Unemp Claims
	2sls 1st step	2sls 2nd step	2sls 2nd step
Stay‐at‐home orders	1.850
	(0.000)
Residential mobility index		−3.502	0.153
		(0.010)	(0.000)
r2	0.918	0.153	0.610
N	1204	1204	1204

Note: p‐values are reported in parentheses. All the regressions are run with data at the weekly frequency and include state and month fixed effects. A state‐by‐state dummy that takes a value of 1 if a stay‐at‐home order is in force and zero otherwise is the instrument for the Google residential mobility index in the 2‐stage‐least‐squares regressions in columns (2) and (3). The results in column (2) are based on the reproduction rate from the data set of Fernández‐Villaverde and Jones (2020).