| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28320 |
| 来源ID | Working Paper 28320 |
| Stock Prices and Economic Activity in the Time of Coronavirus | |
| Steven J. Davis; Dingqian Liu; Xuguang Simon Sheng | |
| 发表日期 | 2021-01-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Stock prices and workplace mobility trace out striking clockwise paths in daily data from mid-February to late May 2020. Global stock prices fell 30 percent from 17 February to 12 March, before mobility declined. Over the next 11 days, stocks fell another 10 percentage points as mobility dropped 40 percent. From 23 March to 9 April, stocks recovered half their losses and mobility fell further. From 9 April to late May, both stocks and mobility rose modestly. This dynamic plays out across the 35 countries in our sample, with notable departures in China, South Korea, and Taiwan. The size of the global stock market crash in reaction to the pandemic is many times larger than a standard asset-pricing model implies. Looking more closely at the world’s two largest economies, the pandemic had greater effects on stock market levels and volatilities in the U.S. than in China even before it became evident that early U.S. containment efforts would flounder. Newspaper-based narrative evidence confirms the dominant – and historically unprecedented – role of pandemic-related developments in the stock market behavior of both countries. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Health, Education, and Welfare ; Health ; COVID-19 |
| URL | https://www.nber.org/papers/w28320 |
| 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/585993 |
| 推荐引用方式 GB/T 7714 | Steven J. Davis,Dingqian Liu,Xuguang Simon Sheng. Stock Prices and Economic Activity in the Time of Coronavirus. 2021. |
| 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 | ||
| w28320.pdf（2512KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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