Are COVID fatalities in the US higher than in the EU, and if so, why?

The COVID crisis has severely hit both the United States and Europe. We construct comparable measures of the death toll of the COVID crisis suffered by US states and 35 European countries: cumulative fatalities attributed to COVID at 100 days since the pandemic's onset in a particular nation/state. When taking account of demographic, economic, and political factors (but not health-policy related factors) we find that, controlling for population size, cumulative deaths are between 100 and 130% higher in a US state than in a European country. We no longer find a US/EUROPE gap in fatalities from COVID after taking account of how each nation/state implemented social distance measures. This suggests that various types of social distance measures such as school closings and lockdowns, and how soon they were implemented, help explain the US/EUROPE gap in cumulative deaths measured 100 days after the pandemic's onset in a state or country.

Newborn health and the business cycle: The role of birth order.

We use 35 years of administrative data to document how newborn health varies with the business cycle in Spain. In panel regressions that include province and year fixed effects as well as province trends, we show that children have significantly better health outcomes at birth in times of high unemployment: a 10 percentage-point increase in the unemployment rate is significantly associated with about 2 log-points higher birth-weight, almost 2 percentage points fewer babies with low birth weight, 0.6 points fewer babies with very low birth-weight, and a 0.4-point drop in mortality rates in the first 24 h We explore several potential mechanisms. First, we show that the documented association is not driven by in-utero selection: we do not find that high unemployment is associated with more miscarriages, abortions, or stillbirths. Second, we explore the role of composition in terms of parental characteristics. We find evidence that unmarried and younger parents, who typically have unhealthier babies, are relatively less likely to have children when unemployment is high. Finally, we show that there are fewer first births during recessions, and birth order is strongly positively correlated with health at birth. Birth order can account for up to one fifth of the countercyclicality of birth weight.