Skip to main content
. 2021 Feb 1;43:101954. doi: 10.1016/j.frl.2021.101954

Fig. 4.

Fig. 4

Markov switching autoregressive model for each time series. The vertical grey line indicates March 12th as a reference for the highest degree of financial panic. A bull market is plotted as dark red (smoothed probability equal to 1) while a bear market is plotted as light red (smoothed probability equal to 0).