Table 2.

Business cycle – split by size of GDP revision.

	Crisis		Recession		Unemployment		Unemp. benefit
	(Hard)	(Rest)	(Hard)	(Rest)	(Hard)	(Rest)	(Hard)	(Rest)
COVID dummy	2.069**	0.838***	4.124**	0.574***	2.180**	1.165***	0.690**	1.087***
	(0.649)	(0.181)	(1.726)	(0.188)	(0.904)	(0.293)	(0.218)	(0.196)
Constant	0.867**	0.809***	0.908*	0.702***	0.812	0.944***	0.950***	0.901***
	(0.286)	(0.073)	(0.455)	(0.071)	(0.471)	(0.114)	(0.120)	(0.096)
Day effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Panel effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
$F$-statistic	11.85	14.00	5.378	15.04	16.89	18.56	4333	7.705
$p$-value	0.001	0.000	0.015	0.000	0.000	0.000	0.000	0.000
Goodness-of-fit	0.372	0.261	0.116	0.041	0.194	0.133	0.207	0.174
No. of obs.	882	1470	882	1470	882	1666	882	1568
No. of countries	9	15	9	15	9	17	9	16

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. The COVID cut-off dummy switches value when the number of COVID-related deaths exceeds ten. Cluster-robust standard errors are noted in parentheses: * p <0.10, ** p <0.05 and *** p <0.01. The set of hard hit countries covers those countries with GDP growth revisions larger than 5.5 pp.