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Jabbing the Economy Back to Life?



The pace and scope of Covid-19 vaccination has varied greatly across OECD countries. In this paper, monthly data on vaccination rates for the 32 OECD countries with all-cause mortality rates available are related to seven monthly economic activity indicators: night-time lights and Google Mobility reports for six types of locations. Vaccination rates are also related to Covid response stringency, to Covid cases and deaths, and to all-cause mortality. A standard deviation higher fully vaccinated rate is associated with up to an 0.5 standard deviation larger rise in economic activity over the same month in 2020; an effect due to relaxed response stringency. The partial vaccination rate has no relationship with the economic rebound. These associations with changes in economic activity occur despite no apparent relationship between vaccination rates and changes in Covid-19 cases or changes in mortality.

Suggested Citation

  • John Gibson, 2021. "Jabbing the Economy Back to Life?," Working Papers in Economics 21/11, University of Waikato.
  • Handle: RePEc:wai:econwp:21/11

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    References listed on IDEAS

    1. Thomas Hale & Noam Angrist & Rafael Goldszmidt & Beatriz Kira & Anna Petherick & Toby Phillips & Samuel Webster & Emily Cameron-Blake & Laura Hallas & Saptarshi Majumdar & Helen Tatlow, 2021. "A global panel database of pandemic policies (Oxford COVID-19 Government Response Tracker)," Nature Human Behaviour, Nature, vol. 5(4), pages 529-538, April.
    2. John Gibson, 2021. "Better Night Lights Data, For Longer," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(3), pages 770-791, June.
    3. Auld, M. Christopher & Toxvaerd, Flavio, 2021. "The Great Covid-19 Vaccine Rollout: Behavioural And Policy Responses," National Institute Economic Review, Cambridge University Press, vol. 257, pages 14-35, August.
    4. Goolsbee, Austan & Syverson, Chad, 2021. "Fear, lockdown, and diversion: Comparing drivers of pandemic economic decline 2020," Journal of Public Economics, Elsevier, vol. 193(C).
    5. Edouard Mathieu & Hannah Ritchie & Esteban Ortiz-Ospina & Max Roser & Joe Hasell & Cameron Appel & Charlie Giattino & Lucas Rodés-Guirao, 2021. "A global database of COVID-19 vaccinations," Nature Human Behaviour, Nature, vol. 5(7), pages 947-953, July.
    6. Virat Agrawal & Jonathan H. Cantor & Neeraj Sood & Christopher M. Whaley, 2021. "The Impact of the COVID-19 Pandemic and Policy Responses on Excess Mortality," NBER Working Papers 28930, National Bureau of Economic Research, Inc.
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    Cited by:

    1. John Gibson, 2021. "Mass Covid-19 Vaccination and Excess Mortality: Direct and Indirect Pathways," Working Papers in Economics 21/13, University of Waikato.

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    More about this item


    Covid-19; Google mobility; Mortality; Night-time lights; Vaccination;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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