Fig. 9.

Estimated daily expenditure response dynamics.

Notes: This figure plots the coefficients $exp\left({\hat{\beta }}_j\right)-1$ estimated from Eq. (3), with $j$ = January 27 2020, January 28 2020, …, May 10 2020, along with their corresponding 95 percent confidence intervals. The $x$-axis denotes the day and the $y$-axis shows the estimated daily percentage response.