Economic impact of the most drastic lockdown during COVID‐19 pandemic—The experience of Hubei, China
用面板数据评估了湖北封城76天对GDP的冲击（2020年一季度下降约37%），并发现除客运外经济在解封后快速恢复，适合关注疫情经济后果的研究者。
Summary This paper uses a panel data approach to assess the evolution of economic consequences of the drastic lockdown policy in the epicenter of COVID‐19—the Hubei Province of China during worldwide curbs on economic activity. We find that the drastic 76‐day COVID‐19 lockdown policy brought huge negative impacts on Hubei's economy. In 2020:q1, the lockdown quarter, the treatment effect on GDP was about 37% of the counterfactual. However, the drastic lockdown also brought the spread of COVID‐19 under control in little more than two months. After the government lifted the lockdown in early April, the economy quickly recovered with the exception of passenger transportation sector which rebounded not as quickly as the rest of the general economy.