Fear itself. Is fear a determinant of the efficacy oflockdowns?

Among non-pharmaceutical measures for fighting the COVID-19 pandemic, one of the most important is the implementation of lockdowns. The cost and effectiveness of this policy remains a much-debated topic in economics. In this study we investigate whether a 'fear effect' is at work in influencing the effectiveness of lockdowns. According to previous contributions on the topic, fear can increase protective habits, and for this reason we may imagine that a high number of COVID-19-caused deaths creates fear among the population, which may make people more likely to follow government prescriptions and observe lockdowns strictly. By means of a qualitative-quantitative analysis, we find that among the 46 countries that reported coronavirus-caused deaths before the implementation of a lockdown, the top quartile for per capita deaths has better results in terms of reducing new COVID-19 cases after a lockdown, compared to the worst quartile. This suggests that the number of reported deaths, as well as its communication to the population, are important determinants of the effectiveness of a lockdown.