COVID-19 and Its Impact on Financial Markets and the Real Economy

A model of endogenous risk intolerance and LSAPs: Asset prices and aggregate demand in a “COVID-19” shock

Itay Goldstein, Ralph S J Koijen and Holger M Mueller

The Review of Financial Studies, 2021, vol. 34, issue 11, 5135-5148

Abstract: The COVID-19 pandemic severely disrupted financial markets and the real economy worldwide. These extraordinary events prompted large monetary and fiscal policy interventions. Recognizing the unusual nature of the shock, the academic community has produced an impressive amount of research during the last year. Macro-finance models have been extended to analyze the impact of epidemics. Empirical papers study the origins and consequences of the disruptions and the impact of policy interventions. New research evaluates the ongoing financial fragility and its relation to previous episodes and regulations. This special issue contains early contributions to this important and rapidly developing literature.1

Date: 2021
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