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Connectedness of COVID vaccination with economic policy uncertainty, oil, bonds, and sectoral equity markets: evidence from the US

Author

Listed:
  • Imran Yousaf

    (Wenzhou-Kean University)

  • Saba Qureshi

    (University of Sindh)

  • Fiza Qureshi

    (University of Southampton Malaysia)

  • Mariya Gubareva

    (ISEG – Lisbon School of Economics and Management, Universidade de Lisboa
    SOCIUS/CSG - Research in Social Sciences and Management)

Abstract

We examine the connectedness of the COVID vaccination with the economic policy uncertainty, oil, bonds, and sectoral equity markets in the US within time and frequency domain. The wavelet-based findings show the positive impact of COVID vaccination on the oil and sector indices over various frequency scales and periods. The vaccination is evidenced to lead the oil and sectoral equity markets. More specifically, we document strong connectedness of vaccinations with communication services, financials, health care, industrials, information technology (IT) and real estate equity sectors. However, weak interactions exist within the vaccination–IT-services and vaccination–utilities pairs. Moreover, the effect of vaccination on the Treasury bond index is negative, whereas the economic policy uncertainty shows an interchanging lead and lag relation with vaccination. It is further observed that the interrelation between vaccination and the corporate bond index is insignificant. Overall, the impact of vaccination on the sectoral equity markets and economic policy uncertainty is higher than on oil and corporate bond prices. The study offers several important implications for investors, government regulators, and policymakers.

Suggested Citation

  • Imran Yousaf & Saba Qureshi & Fiza Qureshi & Mariya Gubareva, 2025. "Connectedness of COVID vaccination with economic policy uncertainty, oil, bonds, and sectoral equity markets: evidence from the US," Annals of Operations Research, Springer, vol. 352(3), pages 781-807, September.
    • Handle: RePEc:spr:annopr:v:352:y:2025:i:3:d:10.1007_s10479-023-05267-9
    DOI: 10.1007/s10479-023-05267-9
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    Keywords

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    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • N2 - Economic History - - Financial Markets and Institutions
    • N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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