We measure investors' short- and long-term stock-return expectations using both options and survey data. These expectations at different horizons reveal what investors think their own short-term expectations will be in the future, or forward return expectations. While contemporaneous short-term...

We review the literature on the impact of the COVID-19 pandemic on financial markets. We first document several key facts about equity and fixed income markets during this period. We then discuss various literatures that analyze broad movements in prices, market dislocations, and the impact of...