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match it with that in places initially spared from the virus. Further, we quantify spillover effects from the epicentre to the periphery by studying modifications in consumption exterior of the epicentre. Our results present that consumers adjusted their response as a operate of the native and national evolution of the pandemic, refraining from exposing themselves to the well being threat in cities and sectors that are relatively extra exposed to the virus. This implies that buyers’ voluntary response to the pandemic can contribute to alleviate the commerce-off between well being and financial aims, minimising the economic price and mitigating the unfold of the virus. Empirical work described in this paper explains the daily evolution of the replica price, R, and mobility for a big pattern of countries, in terms of containment and public well being policies. This is with a view to offering perception into the appropriate policy stance as nations put together for a potentially protracted period characterised by new infection waves. While a comprehensive bundle of containment measures could also be necessary when the virus is widespread and can have a large impact on reducing R, in addition they have impact on mobility and, by extension, financial exercise. A wide-ranging package deal of public well being policies – with an emphasis

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