COVID-19-induced shocks and uncertainty()

Using statistical identification, we extract a COVID-19-induced shock by exploiting large daily jumps in financial markets caused by news about the pandemic. This shock depresses economic and financial indicators, increases risk and uncertainty measures, has sizeable distributional effects, and hits...

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Detalles Bibliográficos
Autores principales: Miescu, Mirela, Rossi, Raffaele
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier B.V. 2021
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8438541/
https://www.ncbi.nlm.nih.gov/pubmed/34538879
http://dx.doi.org/10.1016/j.euroecorev.2021.103893
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author Miescu, Mirela
Rossi, Raffaele
author_facet Miescu, Mirela
Rossi, Raffaele
author_sort Miescu, Mirela
collection PubMed
description Using statistical identification, we extract a COVID-19-induced shock by exploiting large daily jumps in financial markets caused by news about the pandemic. This shock depresses economic and financial indicators, increases risk and uncertainty measures, has sizeable distributional effects, and hits most harshly those industries relying on face-to-face interactions. Impulse response function analysis across various identification strategies leads us to interpret the statistical COVID-19-induced shock as a structural uncertainty shock.
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spelling pubmed-84385412021-09-14 COVID-19-induced shocks and uncertainty() Miescu, Mirela Rossi, Raffaele Eur Econ Rev Article Using statistical identification, we extract a COVID-19-induced shock by exploiting large daily jumps in financial markets caused by news about the pandemic. This shock depresses economic and financial indicators, increases risk and uncertainty measures, has sizeable distributional effects, and hits most harshly those industries relying on face-to-face interactions. Impulse response function analysis across various identification strategies leads us to interpret the statistical COVID-19-induced shock as a structural uncertainty shock. Elsevier B.V. 2021-10 2021-09-09 /pmc/articles/PMC8438541/ /pubmed/34538879 http://dx.doi.org/10.1016/j.euroecorev.2021.103893 Text en © 2021 Elsevier B.V. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Miescu, Mirela
Rossi, Raffaele
COVID-19-induced shocks and uncertainty()
title COVID-19-induced shocks and uncertainty()
title_full COVID-19-induced shocks and uncertainty()
title_fullStr COVID-19-induced shocks and uncertainty()
title_full_unstemmed COVID-19-induced shocks and uncertainty()
title_short COVID-19-induced shocks and uncertainty()
title_sort covid-19-induced shocks and uncertainty()
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8438541/
https://www.ncbi.nlm.nih.gov/pubmed/34538879
http://dx.doi.org/10.1016/j.euroecorev.2021.103893
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