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Current Research

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Economists from around the world are using real time data collection to better understand the impact the Covid-19 crisis is having on families, workers, firms and society, and how policies can help the recovery out of the crisis. Find out more about how these research teams are carrying out their projects, and what their findings are below.

Public firm borrowers of the us paycheck protection program

We provide an initial assessment of the US Paycheck Protection Program by studying the 273 public firms that received a total of $929 million in loans between April 7-27, 2020. Despite receiving significant media coverage, these firms comprise 0.3% o...
Primary Topic: Business, big & small
Secondary Topic: Prices & interest rates
Lead investigator: Anna Cororaton

Demand for public events in the Covid-19 pandemic: a case study of European football

This study uses data from elite-level European football matches and panel data methods to suggest how people responded to the initial Covid-19 outbreak. In Italy, England and Germany, stadium attendances were negatively affected by the previous day&#...
Lead investigator: J. James Reade

Does Covid-19 affect neighborhood amenity?

This paper studies the impact of Covid-19 on neighborhood amenity by analyzing the effect of confirmed Covid-19 cases on housing prices in China. Home buyers may not choose housing units in neighborhoods that have confirmed Covid-19 cases because of ...
Primary Topic: Prices & interest rates
Lead investigator: Naqun Huang

The impact of Covid-19 lockdown and re-opening on the housing market: evidence from China

This paper evaluates the performance of the housing market in China after the Covid-19 outbreak and subsequent economy re-opening. We construct both daily and weekly housing price indices for more than 30 cities by analyzing 600 thousand housing tran...
Primary Topic: Prices & interest rates
Lead investigator: Naqun Huang

Trust and compliance to public health policies in time of Covid-19

The Covid-19 crisis has led to fast policy responses all over the world to reduce social interaction and limit contagion. Using Google mobility data at regional level in Europe, we study whether the compliance to containment policies depends on the l...
Lead investigator: Olivier Bargain

In crisis we pray: religiosity and the Covid-19 pandemic

In times of crisis, humans have a tendency to turn to religion for comfort and explanation. The 2020 Covid-19 pandemic is no exception. Daily data on Google searches for 95 countries demonstrates that the Covid-19 crisis has increased Google searches...
Lead investigator: Jeanet Sinding Bentzen

Consumers' mobility, expenditure and online- offline substitution response to Covid-19: evidence from French transaction data

This paper investigates a number of general phenomena connected with consumer behaviour in response to a severe economic shock, using billions of French card transactions measured before and during the Covid-19 epidemic. We examine changes in consume...
Primary Topic: Recession & recovery
Lead investigator: David Bounie

Grey rhinos in financial markets and venue selection: the case of Covid-19

We investigate the effects of the Covid-19-induced shock in financial markets on aggregate venue selection/market share and market quality. We find that the shock is linked with an economically significant loss of market share by dark pools to lit ex...
Primary Topic: Banks & financial markets
Secondary Topic: Prices & interest rates
Lead investigator: Gbenga Ibikunle

“Do governors lead or follow? timing of stay-at-home orders”

I use daily Google search data on the keyword ``Coronavirus" to track early resident interest in the novel Coronavirus pandemic. I ask whether governors are responding to heightened interest (i.e., following) or if their decisions are independen...
Lead investigator: Bryan C. McCannon

Explaining governors’ response to the Covid-19 pandemic in the United States

What is the response of US governors to the Covid-19 pandemic? In this research note, we explore the determinants of implementing stay-at-home orders, focusing on governors’ characteristics. In our most conservative estimate, being a Democratic gov...
Lead investigator: Leonardo Baccini

Civic capital and social distancing: evidence from the response to Covid-19 in Italy and Germany

Social distancing can succeed in slowing the spread of Covid-19 if citizens voluntary comply with it and internalize the cost of their mobility on others. How do civic values mediate this process? Using data on individual mobility across Italian prov...
Lead investigator: Ruben Durante

Restarting the economy while saving lives under Covid-19

We provide, calibrate and test a realistic model of the spread of SARS-Cov-2 in an economy where the population has different age groups and sectors. The model takes into account factors that have proved to be essential in explaining features of the ...
Secondary Topic: Health, physical & mental
Lead investigator: Carlo Favero

Poverty and economic dislocation reduce compliance with Covid-19 shelter-in-place protocols

Shelter-in-place policies reduce social contact and mitigate the spread of Covid-19. Inconsistent compliance with social distancing creates local and regional interpersonal transmission risks. Using county-day measures on population movement derived ...
Lead investigator: Austin L. Wright

Lock-down or let-it-flow: a spatial analysis of Covid-19 on Chinese economy

This paper studies the impacts of the outbreak of the Covid-19 and the lock-down policy on the Chinese economy. Combining the changes of daily migration flow data, industrial outputs data, population census data, and a spatial equilibrium model, we q...
Primary Topic: Recession & recovery
Secondary Topic: Jobs, work, pay & benefits
Lead investigator: Minjie Deng

Covid-19, firm exposure, and firm value: a tale of two lockdowns

We study how a public health crisis affects firms at different phases of outbreak. Using an event study approach, we find that the stock market in China responded significantly to two symbolic events in the outbreak of Covid-19: (1) the lockdown of H...
Primary Topic: Business, big & small
Lead investigator: Haoyuan Ding

The Covid-19 pandemic: government vs. community action across the United States

Are lockdown policies effective at inducing physical distancing to counter the spread of VIVID-19? Can less restrictive measures that rely on voluntary community action achieve a similar effect? Using data from 40 million mobile devices, we find that...
Lead investigator: David Van Dijcke

Compliance with Covid-19 social-distancing measures in Italy: the role of expectations and duration

We study how intentions to comply with the self-isolation restrictions introduced in Italy to mitigate the Covid-19 epidemic respond to the length of their possible extension. Based on a survey of a representative sample of Italian residents (N=894),...
Lead investigator: Guglielmo Briscese

Epidemic spreads of Covid-19 narratives and their effect on financial phenomena.

We identify and retrieve the most salient Covid-19 narratives and their evolution over time via text mining on daily open-ended questionnaires sent to US stockholders since the beginning of the Covid-19 pandemic. This data is complemented with over 3...
Primary Topic: Business, big & small
Lead investigator: Daniel Borup

Risk and time preferences under the lockdown

There exist increasing evidence that human preferences—including risk and time attitudes—change across contexts (Bowles, 1998; Barseghyan et al., 2011; Wolbert and Riedl, 2013; Wang et al., 2016). Since measuring preferences consistently over tim...
Lead investigator: Pablo Branas-Garza

Asset price expectations during the financial crash of the Covid-19 pandemic

We measure daily price expectations about the share prices of six well-known publicly traded companies in the U.S. in an incentivized online experiment for a period of three months. Coincidentally, our experiment started on 19/02/2020, just one day b...
Secondary Topic: Prices & interest rates
Lead investigator: Carlos Cueva