Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Containing the Virus or Reviving the Economy? Evidence from Individual Expectations During the COVID-19 Epidemic

Keyang LI, Yu QIN, Jing WU, Jubo YAN
How does an epidemic affect individuals’ expectations on economic prospects? Do people care more about containing the disease or sustaining normal economic activities during the epidemic? We implement an incentivized longitudinal online survey on economic expectations with randomized controlled tr...
Keywords: COVID-19, Expectation, Longitudinal Survey, RCT
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Webinar Series

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Senior Fellows/Fellows, Pandemic

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May 2020

Human Mobility Restrictions and the Spread of the Novel Coronavirus (2019-nCoV) in China

Hanming FANG, Long WANG, Yang YANG
We quantify the causal impact of human mobility restrictions, particularly the lockdown of Wuhan on January 23, 2020, on the containment and delay of the spread of the Novel Coronavirus (2019-nCoV). We employ difference-in-differences (DID) estimations to disentangle the lockdown effect on human mob...
Keywords: Human Mobility, Lockdown, Social Distancing, 2019-nCoVCOVID-19, Disease Outbreak
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Mitigating COVID-19 Risks to Sustain Growth

Neng WANG, Jinqiang YANG, Harrison HONG
The debate about the economic fallout from the arrival of Covid-19 is increasingly framed as an either/or — sacrificing the economy through mitigation strategies such as social distancing or imperiling millions of lives. We argue that this framing misses the benefits of mitigation for the economy ...
Keywords: COVID-19, Pandemic, Growth
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Unprecedented Stock Market Reaction to COVID-19

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM, Kyle KOST, Marco SAMMON, Tasaneeya VIRATYOSIN
No previous infectious disease outbreak, including the Spanish Flu, has affected the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S. stock market. We use text-based methods to develop these points with respect to large daily stock ma...
Keywords: COVID-19, Pandemic, stock market
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The (Heterogenous) Economic Effects of Private Equity Buyouts

Steven J. DAVIS, John HALTIWANGER, Kyle HANDLEY, Ben LIPSIUS, Josh LERNER, Javier MIRANDA
We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment ...
Keywords: private equity, buyouts
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