Table 2 HP filter decomposition of COVID proxies

	Trend (COi, t)		Cycle (υi, t)		p-value (t)
	COVID (2015:1-2019:12)
	Mean	S.D.	Mean	S.D.
Unemployed	3.013	0.018	0.008	0.049	0.904
Oil price	2.074	0.040	−0.046	0.129	0.992
Uncertainty	2.100	0.011	−0.029	0.084	0.970
	Non-COVID (2020:1-2022:2)
	Mean	S.D.	Mean	S.D.	p-value (c)
Unemployed	3.013	0.019	−0.001	0.022	0.999
Oil price	3.014	0.019	−0.001	0.022	0.022
Uncertainty	2.077	0.022	0.009	0.176	0.000