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. 2022 Feb 9;129:S35–S51. doi: 10.1016/j.jmoneco.2022.02.004

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Fig. 1 — Response of Income Expectations to COVID-19 Shock. Notes: The jagged black solid lines in panels (a) and (b) show the daily mean of survey responses (weighted using survey weights and Huber-robust weights), red dotted lines are an 11-day moving average. The blue dashed line in panel (a) represents Blue Chip forecasts: the average deviation of GDP from a pre-pandemic trend over the next 12 months. Blue Chip forecasts are a resource of Wolters Kluwer Legal and Regulatory Solutions US. Black triangles correspond to the realized GDP deviation from the pre-pandemic trend over the next 12 months; see Supplementary Material B for details; panel (c) shows new COVID-19 infections within the last 7 days per 100K people; panel (d): weekly unemployment claims as percent of workforce. For data sources see Supplementary Material B.3. (For interpretation of the references to colour in this figure legend, the reader is referred to the web version of this article.)