Table 1.

Business cycle – baseline specification.

	Crisis			Recession			Unemployment			Unemp. benefit
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
COVID I	1.461***			3.914***			2.340***			4.420
	(0.187)			(0.906)			(0.750)			(3.573)
COVID II		1.647***			3.544***			2.502***			5.130
		(0.246)			(0.739)			(0.828)			(4.130)
COVID III			1.347***			2.017**			1.559***			0.926***
			(0.311)			(0.779)			(0.394)			(0.149)
Constant	0.998***	0.970***	0.822***	1.150**	0.936***	0.753***	1.031**	1.058***	0.891***	0.877	0.911	0.922***
	(0.109)	(0.117)	(0.122)	(0.466)	(0.298)	(0.211)	(0.381)	(0.377)	(0.183)	(1.892)	(2.013)	(0.076)
Day FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Panel FE	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
$F$-statistic	10.46	12.50	12.67	5.200	10.18	13.03	8.271	13.04	15.77	2.112	2.036	10.03
$p$-value	0.000	0.000	0.000	0.001	0.000	0.000	0.000	0.000	0.000	0.081	0.092	0.000
R squared	0.284	0.324	0.296	0.115	0.133	0.071	0.082	0.095	0.162	0.018	0.022	0.168
# obs.	2352	2352	2352	2156	2156	2352	2548	2548	2548	2450	2450	2450
# panels	24	24	24	22	22	24	26	26	26	25	25	25

Note: The dependent variable is the seven-day moving average search intensity for country-specific terms (crisis, recession, unemployment and unemployment benefit), normalised by the mean search intensity before the COVID-19 outbreak. COVID I, II and III are dummies taking the value one once the number of confirmed cases exceeds 3, the number of confirmed cases exceeds 20 and the number of COVID-related deaths exceeds 10, respectively. Cluster-robust standard errors are noted in parentheses: * p<0.10, ** p<0.05 and *** p<0.01.