Scandinavian Working Papers in Economics

SITE Working Paper Series,
Stockholm School of Economics, Stockholm Institute of Transition Economics

No 55: Assessing Alternative Indicators for Covid-19 Policy Evaluation, with a Counterfactual for Sweden

Giancarlo Spagnolo (), Chiara Latour () and Franco Peracchi
Additional contact information
Giancarlo Spagnolo: Stockholm Institute of Transition Economics, Postal: Stockholm Institute of Transition Economics, Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Chiara Latour: Stockholm University
Franco Peracchi: University of Rome Tor Vergata and EIEF

Abstract: We compare different indicators of the spread and consequences of the COVID-19 pandemic, developing a novel method to adjust daily COVID-19 deaths to match weekly excess mortality. Focusing on Sweden, the only country that has good data and did not impose a lockdown, we construct counterfactuals for what would have happened if it had imposed a lockdown, using a synthetic control method. Correcting for data problems and optimizing the synthetic control for each indicator considered, we find stronger effects than previously estimated. Most importantly, studying the ratio of positives to the number of tests, we find that a lockdown would have had sizable effects already after a week. The 3–4 weeks delay highlighted in previous studies appears mainly driven by the large changes in testing frequency that occurred in Sweden during the period considered.

Keywords: COVID-19 indicators; excess deaths; COVID-19 deaths; containment policies; lockdown; synthetic control method; Sweden

JEL-codes: I18

17 pages, April 2, 2021

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