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. 2022 Jul 12;145(3):725–761. doi: 10.1016/j.jfineco.2022.05.006

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Fig. 10 — PPPE and Alternative Outcome Variables (Local Projections). Fig. 10 plots coefficients and standard errors of regressions investigating the impact of exposure to PPPE (top row) and predicted PPPE (bottom row) on employment and firm outcomes, defined as the difference between these outcomes in each week relative to their average in the two weeks prior to program launch (weeks 10 and 11). Panel A plots the coefficients $β$ and standard errors of week-by-week regressions of $Δ U I_{c} = α_{s n} + β P P P E_{c} + Γ X_{c} + ϵ_{c}$ , where $Δ U I_{c}$ is the difference between the UI claims of county c in each week of the sample and the average UI claims for that county during the two weeks prior to program launch, $P P P E_{c}$ is the average exposure of the county to bank PPPE, $α_{s}$ are state fixed effects and $X_{c}$ are additional control variables. Panel B plots estimates from similar week-by-week regressions that use the change in weekly small business revenue relative to January as the dependent variable. Panel C plots estimates from similar week-by-week regressions that use the change in weekly employment outcomes relative to January as the dependent variable. Data are from Call Reports, SBA, Womply, and Opportunity Insights.