In column we cross-interact time dummies and sectoral exposures, that’s, we run the regression with d25t × Shutd11m and d11t × Shutd25m. Third, we run the regression for the 477 municipalities during which the virus never circulated at any point throughout our pattern in accordance with our statistical methodology (column ). In all placebo checks, the coefficient on the coverage interplay time period shrinks substantially in size and turns into statistically insignificant. We additionally assess the robustness of our baseline outcome to a extra restrictive classification of the virus arrival time. In specific, we determine the onset of the pandemic in a municipality m when the cumulative mortality rate surpasses two standard deviations of its distribution. Column exhibits that the coefficients on the interplay terms of each policies are very comparable in comparability with the baseline estimates.
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