| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27784 |
| 来源ID | Working Paper 27784 |
| What Explains the COVID-19 Stock Market? | |
| Josue Cox; Daniel L. Greenwald; Sydney C. Ludvigson | |
| 发表日期 | 2020-09-07 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | What explains stock market behavior in the early weeks of the coronavirus pandemic? Estimates from a dynamic asset pricing model point to wild fluctuations in the pricing of stock market risk, driven by shifts in risk aversion or sentiment. We find further evidence that the Federal Reserve played a role in these fluctuations, via a series of announcements outlining unprecedented steps to provide several trillion dollars in loans to support the economy. As of July 31 of 2020, however, only a tiny fraction of the credit that the central bank announced it stood ready to provide in early April had been extended, reinforcing the conclusion that market movements during COVID-19 have been more reflective of sentiment than substance. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; COVID-19 |
| URL | https://www.nber.org/papers/w27784 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585455 |
| 推荐引用方式 GB/T 7714 | Josue Cox,Daniel L. Greenwald,Sydney C. Ludvigson. What Explains the COVID-19 Stock Market?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27784.pdf（790KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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