Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes; … - 2020 - First draft: April 4th 2020, this draft: May 21, 2020
stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We …We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 … further extreme stock market declines and large declines in short-run real economic activity. In contrast, investor …