“…We find no evidence of a response to stay‐at‐home orders across all three Yelp outcomes. These findings are consistent with emerging research on the economic impact of stay‐at‐home orders, including Chudik et al (2020), Brzezinski, Deiana, et al (2020), Brzezinski, Kecht, et al (2020), Gupta et al (2020), Goolsbee and Syverson (2021), Cronin and Evans (2020), and Farboodi et al (2020). We also find that reopening decisions are associated with a meaningful increase in activity across all outcomes, ranging from a 4.1 percentage point increase in the broadest SafeGraph outcome, to a nearly 25 percentage point increase in reservations placed via the Yelp Reservations platform.…”