ABSTRACT
We examine the spillovers and dependencies between iron ore prices, bond yields of mechanical equipment, infrastructure construction and housing, and car industries, and steel prices by using the spillover index and copula model over the period 2011–2021. Our results show that compared with bond yields, iron ore prices are primary contributors of price spillovers and highly comparable with China's steel prices. Notably, the magnitudes of correlations and risk transmissions from bond yields of related industries to steel prices shifts over the period before the implementation of China's policy to cut overcapacity in steelmaking, after the policy implementation and before the outbreak of coronavirus, and after the outbreak of coronavirus. Because of high price spillovers from iron ore to steel prices and iron ore-steel relationship, policymakers in the steel industry should consider more supply-side policies to mitigate market risks. Meanwhile, risk-averse investors should increase the share of bonds of related industries.
ABSTRACT
Improved understanding of the effects of meteorological conditions on the transmission of SARS-CoV-2, the causative agent for COVID-19 disease, is needed. Here, we estimate the relationship between air temperature, specific humidity, and ultraviolet radiation and SARS-CoV-2 transmission in 2669 U.S. counties with abundant reported cases from March 15 to December 31, 2020. Specifically, we quantify the associations of daily mean temperature, specific humidity, and ultraviolet radiation with daily estimates of the SARS-CoV-2 reproduction number (Rt) and calculate the fraction of Rt attributable to these meteorological conditions. Lower air temperature (within the 20-40 °C range), lower specific humidity, and lower ultraviolet radiation were significantly associated with increased Rt. The fraction of Rt attributable to temperature, specific humidity, and ultraviolet radiation were 3.73% (95% empirical confidence interval [eCI]: 3.66-3.76%), 9.35% (95% eCI: 9.27-9.39%), and 4.44% (95% eCI: 4.38-4.47%), respectively. In total, 17.5% of Rt was attributable to meteorological factors. The fractions attributable to meteorological factors generally were higher in northern counties than in southern counties. Our findings indicate that cold and dry weather and low levels of ultraviolet radiation are moderately associated with increased SARS-CoV-2 transmissibility, with humidity playing the largest role.