Panel A: Summary statistics
Variable N S.D. Mean Max Min Median
lnTEP 1080 2.5126 5.0626 8.9545 0 5.5817
lnTREP 1080 2.5024 5.0153 8.9501 0 5.5094
InREP 1080 1.3427 2.4291 4.1950 0 2.8556
COVID-19 1080 1832.229 80.3232 59754 0.0000 0.0000
CPI 1080 1.2752 102.4238 106.9100 98.1 102.3
PPI 1080 3.9673 100.507 116.7 82.1 100
IAV 1080 12.054 1.1212 28.6000 -82.8 000 3.9
INA 1080 5.0317 4.6826 22.5000 -46.9000 5.2
Trade 1080 14600000 7967799 108000000 4056.18 2458526
Panel B: Results of the fixed effect estimation method
Variable Model 1: lnTEP Model 2: lnTREP Model 3: lnREP
COVID-19 -0.149** -0.145** -0.098***
(-2.34) (-2.28) (-3.16)
CPI -0.192***
(-2.92)
-0.189***
(-2.89)
-0.111***
(-3.47)
PPI -0.279***
(-4.48)
-0.276***
(-4.46)
-0.156***
(-5.15)
IAV -0.131*
(-1.76)
-0.127*
(-1.72)
-0.082**
(-2.28)
INA 0.900***
(13.23)
0.891***
(13.18)
0.446
(13.51)
TRADE 1.004***
(9.02)
0.991***
(8.96)
0.555***
(10.29)
Cons 5.063***
(82.94)
5.015***
(82..73)
2.429***
(82.09)
F 11*** 11.48*** 17.87***