The stock market and NO ₂ emissions effects of COVID‐19 around the world

In this paper, we study the impact of coronavirus disease 2019 pandemic in estimated panel vector autoregression models for 92 countries. The large cross-section countries allows us to shed light on heterogeneity responses stock markets and nitrogen dioxide emissions as high-frequency measures economic activity. We quantify effect number infections four dimensions policy measures: (1) containment closure, (2) movement restrictions, (3) support, (4) adjustments health systems. Our main findings show that a surprise increase triggers drop our two Propping up support measures, contrast, raises returns and, thus, contributes recovery. also document vast differences across subsets between first second wave infections.