000			02196cam a22003497 4500
001			w27784
003			NBER
005			20211020103536.0
006			m o d
007			cr cnu||||||||
008			210910s2020 mau fo 000 0 eng d
100	1		_aCox, Josue.
245	1	0	_aWhat Explains the COVID-19 Stock Market? / _cJosue Cox, Daniel L. Greenwald, Sydney C. Ludvigson.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2020.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w27784
500			_aSeptember 2020.
520	3		_aWhat 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.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aG12 - Asset Pricing • Trading Volume • Bond Interest Rates _2Journal of Economic Literature class.
690		7	_aG28 - Government Policy and Regulation _2Journal of Economic Literature class.
700	1		_aGreenwald, Daniel L.
700	1		_aLudvigson, Sydney C. _915658
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w27784.
856	4	0	_uhttps://www.nber.org/papers/w27784
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w27784
942			_2ddc _cW-PAPER
999			_c320339 _d278901