Financial Markets and the COVID-19 Pandemic

Abstract

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 fiscal and monetary policy interventions. We conclude by discussing potential directions for future research. Expected final online publication date for the Annual Review of Financial Economics, Volume 15 is November 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.