Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264489 
Year of Publication: 
2022
Series/Report no.: 
ECB Working Paper No. 2664
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper documents a durable increase in the cross-sectoral dispersion of earnings expectations during the COVID-19 crisis. The rise in dispersion of earnings forecasts can be explained by the introduction of lockdown measures, which had a particularly adverse impact on the travel sector. Accordingly, in terms of earnings expectations, countries that are relatively independent of the travel sector were least affected by a tightening of lockdowns. At the same time, vaccinations have been a game changer: more stringent lockdown measures added far less to the cross-sectoral dispersion in earnings expectations once vaccines started to be rolled out in late 2020. Going forward, the dispersion in earnings expectations continues to stand at elevated levels.
Subjects: 
COVID-19
Earnings expectations
Cross-sectoral dispersion
Lockdown measures
Vaccinations
JEL: 
E44
G10
G12
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5113-5
Document Type: 
Working Paper

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