Figure 6

Pre- and Posttreatment Effects of the Declaration of a State of Emergency on the Purchase Amount, the Number of Buyers, and the Purchase Amount per Buyer. This figure illustrates the results from the regressions of the purchase amount, the number of buyers, and the purchase amount per buyer in logs at the city–date level. The left panel shows the point estimates and 95% confidence intervals of the dummies for 1-4 weeks before the declaration of a state of emergency (SoE) on the purchase amount (blue), the number of buyers (red), and the purchase amount per buyer (green). The right panel shows those of the dummies for 1-4 weeks after the end of an SoE. The dummies for before and after an SoE are given at the prefecture–date level. For example, “4 wk/2020” on the x-axis of the left panel means 4 weeks before an SoE in 2020, whereas “1wk/2020” in the right panel means 1 week after an SoE in 2020. In all the regressions, the other independent variables are the number of COVID-19 cases per 1000 persons; the dummies for an SoE; the number of neighboring prefectures in an SoE; and the city, date, and day-of-the-week fixed effects. The standard errors are clustered at the city level. N = 1,091,171