ArticleJournal of public economic theory2022
Ambiguity in a pandemic recession, asset prices, and lockdown policy.
Article in Journal of public economic theory, 2022. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 2 papers.
What it found
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The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.
The trial behind it
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Who cites it
2 citing papers in PubMed.
- Vaccination under pessimistic expectations in clinical trials and immunization campaigns.Journal of public economic theory · 2022Article
- Ambiguity in a pandemic recession, asset prices, and lockdown policy.Journal of public economic theory · 2022Article
Corrections and comments
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Authors and funding
2 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
Using an asset pricing model of a multisector production economy including pandemic disaster, we explain the average stock price boom and significant cross-sectional variation of stock returns in the United States and Japan during the COVID-19 pandemic recession. We find that two features of the pandemic, namely ambiguity and sector-specific shocks, are critical determinants of the unusual asset price dynamics observed. Extending the model, we analyze the welfare effects of lockdown policy during pandemics for heterogeneous households. We theoretically show that enforcing a lockdown improves the welfare of asset holders and households working in sectors with positive sector-specific shocks. Consequently, a Pareto-optimal lockdown policy controls for the tightness of lockdown to maximize the welfare of households working in sectors with negative sector-specific shocks.
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Registered trials
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