Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We construct text-based measures of the primary concerns listed firms associate with the spread of COVID-19 and other epidemic diseases. We identify which firms expect to lose or gain from a given epidemic, and textually decompose the epidemic’s effect on the firm’s demand and supply. We find th...
Keywords: Epidemic diseases, Pandemic, firms, uncertainty, sentiment, Computational linguistics
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

We analyze the externalities that arise when social and economic interactions transmit infectious diseases such as COVID-19. Individually rational agents do not internalize that they impose infection externalities upon. In an SIR model calibrated to capture the main features of COVID-19 in the US ec...
Keywords: cost of disease, COVID-19, infection externalities, Social Distancing
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

This paper studies global stock market reactions to COVID-19 outbreaks caused by the virus SARS-CoV-2. The stock markets in countries that suffered from 2003 SARS diseases caused by a similar virus (SARS-CoV-1) react more quickly and strongly to the first COVID-19 outbreak in Wuhan China during late...
Keywords: COVID-19, Underreaction, Early Experience, stock market
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Commentaries

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2020, Pandemic

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Commentaries

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Senior Fellows/Fellows, 2020, Pandemic

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