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We find that the drastic 76\u2010day COVID\u201019 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\u201019 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.<\/jats:p>","DOI":"10.1002\/jae.2871","type":"journal-article","created":{"date-parts":[[2021,8,3]],"date-time":"2021-08-03T08:40:55Z","timestamp":1627980055000},"page":"187-209","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":58,"title":["Economic impact of the most drastic lockdown during COVID\u201019 pandemic\u2014The experience of Hubei, China"],"prefix":"10.1002","volume":"37","author":[{"given":"Xiao","family":"Ke","sequence":"first","affiliation":[{"name":"Institute for Advanced Studies in Finance and Economics Hubei University of Economics Wuhan China"},{"name":"National School of Development Peking University Beijing China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Cheng","family":"Hsiao","sequence":"additional","affiliation":[{"name":"Department of Economics University of Southern California Los Angles California USA"},{"name":"Wang Yanan Institute for Studies in Economics Xiamen University Xiamen China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2021,10,2]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.1198\/jasa.2009.ap08746"},{"key":"e_1_2_9_3_1","first-page":"267","volume-title":"Proc. 2nd Int. 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