There is a big debate about the European 2nd wave, and whether it is serious or not. And it is surely hard to look at cases alone, since the testing quantity is totally different. I think looking at the dynamic CFRs is very informative....

= mini-THREAD
The table here shows Case Fatality Rates over time for several European countries, using recent deaths vs lagged cases. Image
It shows that you cannot really talk about severity in a uniform sense.

Some countries, such as France, Finland, Sweden, Norway an Denmark have stable an very low fatality rates (<1%) even with cases ticking up.
But other countries, especially Poland, Hungary, Czech Republic and recently also Greece and Italy and to some degree the UK have CFRs moving higher to 2-7%, suggesting that they have a large un-recorded outbreak.
The undetected outbreak issues is also clear from hit ratios/positivity rates. See for example how testing is lagging in Italy: Image
And positivity is also spiking in Poland (outside our normal grid, so using OWID as source)

[positivity is signalled via color of line] Image
The rising CFRs (which signal a big undetected outbreak in certain countries) is part of the the reason why our fatality forecast is now sharply accelerating, and putting daily fatalities >1000 within a few weeks (although Poland is outside this group).

All told, the European second wave has come very quickly, an since CFRs are moving higher in a number of countries, it is hard to argue that it is not a deadly wave (although not as deadly as the 1st).
I will leave it at that. We worry that the 2nd wave is potent due to weather effects & that the measures that were sufficient in the warmer weather to control Rt will not cut it now. In any case, deaths will continue to rise in coming weeks (CFRs show that). That is a given. END

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More from @jnordvig

24 Oct
The WSJ has a good overview of the record number of US COVID cases recorded in the latest daily data. They discuss the various factors contributing. But they do not mention weather/temperature. I think that is a mistake... @JenCalfas @bysarahkrouse

wsj.com/articles/coron…
But there is a relationship developing between temperature and transmission rates. Colder areas (states) are seeing more transmission. [R is higher] Image
This relationship is not always there, as it is non-linear (only kicks in when temperature is below a certain point). But it is there globally too...

[discussed in this THREAD]

Read 7 tweets
18 Oct
I will do what everybody knows is very dangerous on twitter: comment on Sweden...

Cases have accelerated sharply over the last few weeks, from 200/day to 700/day (could have broader implications, with weather possibly a key variable = THREAD).
I am not trying to be alarmist, very few people seem to be getting seriously ill, as evidenced by low ICU admissions (although there is a slight uptick, and obviously lags at play)
But it raises the question. WHY? (are cases spiking)

Sweden has been 'open' for a while (that is the reason everybody is so focused on Sweden's alternative model)

Relatedly, mobility indicators have been pretty stable over the last few months.
Read 7 tweets
10 Oct
I started using twitter in earnest this year, and today I reached 10K followers. I do not know all of you personally, but I do know many of you professionally, and I really respect your views/input/content etc. Some observations on twitter in general (=THREAD)
I used to be skeptical of twitter. In part because I wanted to keep research content for my clients only, and because some of the stuff I look at is very niche. But then came the COVID shock, and suddenly everybody was interested & there was a lot of new/important data to crunch
The COVID shock showed the power of data, to a huge audience. I had to express my views in public, especially back in Q1, when there were so many basic misunderstandings.
Read 12 tweets
5 Oct
Lots of focus on Nov 3, and how the world may change after that day. But what we do know is that WFH, or at least a hybrid model, will be with us well beyond the election day. So we do need to plan… (= THREAD)
As I mentioned in previous thread, the initial excitement about wfh being possible, and in some narrow areas even an advantage, is giving way to a form of fatigue, reduced motivation, and a test to social networking / teamwork structures, over time.

Hence, we have been thinking hard about what can be done (in the context of managing @ExanteData) to ‘stay sane’ and avoid the most obvious pitfalls of working from home in the longer-run. Three main points on this....
Read 16 tweets
1 Oct
The most important chart of 2020 continues to evolve. We had the incredible situation that incomes spiked in a depression, because government transfers were so big. Now that transfers are declining, incomes are coming down, but spending is still on an uptrend via past savings. Image
This is why the fiscal stimulus debate remains the hottest issue of the day, as well as more strategically. The cut in Federal unemployment subsidies are feeding directly into this. So that piece is key, although maybe the aid for states is what the negotiation is more focused on
2020 is not like any other year. The aggressiveness of fiscal policy, in the US and globally, is different. And the interplay between fiscal policy & QE is also different. "FisQEl Policy", if you will... (as opposed to the pure asset swap QE of the 2008-2014 period).@TheStalwart
Read 4 tweets
10 Sep
Just did @BloombergTV with @CarolineHydeTV, @romainebostick and @TheStalwart. Main discussion was about the recovery, and whether it is in question

My main point...watch two engines of recovery...
The recovery, since April-May, has had two engines:
First, the gradual reopening, in the US (with some setbacks along the way) and globally.
Second, the roll-out of big fiscal stimulus (in the US, and more broadly)
We have to watch these two engines. The low fatality rates and the greater appreciation for the importance of superspreading events and mask use (and aversion to big 2nd round lockdowns), means that big 2nd round lockdowns are unlikely, unless hospitalizations/death really move.
Read 6 tweets

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