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Table 6 Effects of foreign new COVID-19 cases and vaccines on economic activity

From: The effects of COVID-19 vaccines on economic activity

 

(1)

(2)

(3)

 

NO2 (per capita)

NO2 (per capita)

NO2 (per capita)

Surprises in vaccines administered (per capita)

0.009579***

0.010250***

0.011306***

 

(0.002)

(0.003)

(0.002)

Foreign new COVID-19 cases per capita (trade weighted)

− 37.319212**

  
 

(17.053)

  

Foreign vaccines administered per capita (trade weighted)

  

0.068932**

   

(0.028)

US Vaccinations per capita (trade weighted)

 

0.247082*

 
  

(0.126)

 

COVID-19 cases per capita (lag)

0.026458

0.030142

0.014836

 

(0.016)

(0.025)

(0.020)

NO2 emissions per capita (lag)

− 0.568909***

− 0.550169***

− 0.566578***

 

(0.033)

(0.026)

(0.033)

CO emissions per capita (lag)

0.013661

− 0.010112

0.022937

 

(0.044)

(0.030)

(0.049)

Containment measures (lag)

− 0.180132

− 0.329187**

− 0.224757*

 

(0.141)

(0.136)

(0.131)

Mobility (lag)

0.000825

0.000120

0.000774

 

(0.001)

(0.001)

(0.001)

 

(0.020)

(0.021)

(0.022)

Constant

3.056202

9.155523

− 2.330700

 

(5.401)

(10.212)

(6.549)

Observations

5807

4606

5807

R-squared

0.334

0.334

0.333

Country FE

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Health controls and country-time trends

Yes

Yes

Yes

No. of countries

43

42

43

  1. Table reports results for Eq. (4). The dependent variable is NO2 emissions per capita. A spillover term (foreign COVID-19 cases/foreign vaccinations/US vaccinations) (lag 30 days) is introduced to the equation to alternately capture the effects of trading partners’ COVID-19 new cases or vaccines on a country’s economic activity using bilateral trade weights (Eq. 3). The regressions control for stringency of containment measures, other non-pharmaceutical interventions and health policy controls (one lag), lags of mobility (one lag), lagged new cases, (one lag), lagged NO2 and CO emissions (one lag) country-specific time trends, as well as country and time fixed effects. Standard errors are clustered at the country level. ***, **, and * represent statistically significant at 1, 5, and 10%, respectively