We provide one of the first systematic assessments of the development and determinants of economic anxiety at the onset of the coronavirus pandemic. Using a global dataset on internet searches and two representative surveys from the US, we document a substantial increase in economic anxiety during and after the arrival of the coronavirus. We also document a large dispersion in beliefs about the pandemic risk factors of the coronavirus, and demonstrate that these beliefs causally affect individuals' economic anxieties. Finally, we show that individuals' mental models of infectious disease spread understate non-linear growth and shape the extent of economic anxiety.

Purpose:The COVID-19 death-rate in Italy continues to climb, surpassing that in every other country. We implement one of the first nationally representative surveys about this unprecedented public health crisis and use it to evaluate the Italian government' public health efforts and citizen responses. Findings: (1) Public health messaging is being heard. Except for slightly lower compliance among young adults, all subgroups we studied understand how to keep themselves and others safe from the SARS-Cov-2 virus. Remarkably, even those who do not trust the government , or think the government has been untruthful about the crisis believe the messaging and claim to be acting in accordance. (2) The quarantine is beginning to have serious negative effects on the population's mental health. Policy Recommendations: Communications should move from explaining to citizens that they should stay at home to what they can do there. We need interventions that make staying following public health protocols more desirable, such as virtual social interactions, online social reading activities, classes, exercise routines, etc. -all designed to reduce the boredom of long term social isolation and to increase the attractiveness of following public health recommendations. Interventions like these will grow in importance as the crisis wears on around the world, and staying inside wears on people. 1 Roma Capitale (Municipality of Rome) convened our "COVID-19 International Behavioral Science Working Group" to (i) strengthen its public health policies and guidance, (ii) suggest new policies and guidance based on rigorous behavioral science, and (iii) develop empirical evidence about behavioral change. We report here empirical results and policy interventions aimed at achieving the objectives of the national Italian Government concerning the containment of the pandemic. Thanks to TIM S.p.A., Fastweb S.p.A., and Indra Italia S.p.A. for financial support. The current version of this paper is at GaryKing.org/covid-italy .

We thank our many volunteer translators, whose names are listed in the Appendix. We also thank Prolific for sponsoring the participants for the survey experiment and Aristeo Marras for data advice. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Media outlets often present diverging, even conflicting, perspectives on reality-not only informing, but potentially misinforming audiences. We study the extent to which misinformation broadcast on mass media at the early stages of the coronavirus pandemic influenced health outcomes. We first document large differences in content between the two most popular cable news shows in the US, both on the same network, and in the adoption of preventative behaviors among viewers of these shows. Through both a selection-on-observables strategy and an instrumental variable approach, we find that areas with greater exposure to the show downplaying the threat of COVID-19 experienced a greater number of cases and deaths. We assess magnitudes through an epidemiological model highlighting the role of externalities and provide evidence that contemporaneous information exposure is a key underlying mechanism.