摘要
We explore the impacts of economic and financial dislocations caused by COVID-19 pandemic shocks on food sales in the United States from January 2020 to January 2021.We use the US weekly economic index(WEI)to measure economic dislocations and the Chicago Board Options Exchange volatility index(VIX)to capture the broader stock market dislocations.We validate the NARDL model by testing a battery of models using the autoregressive distributed lags(ARDL)methodology(ARDL,NARDL,and QARDL specifications).Our study postulates that an increase in WEI has a significant negative long-term effect on food sales,whereas a decrease in WEI has no statistically significant(long-run)effect.Thus,policy responses that ignore asymmetric effects and hidden cointegration may fail to promote food security during pandemics.
基金
financial interest(such as honoraria
educational grants
participation in speakers’bureaus
membership,employment,consultancies,stock ownership,or other equity interest
and expert testimony or patent-licensing arrangements),or nonfinancial interest(such as personal or professional relationships,affiliations,knowledge or beliefs)in the subject matter or materials discussed in this manuscript.
