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Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Fig. 5 | Journal of Economic Structures

Fig. 5

From: Did real economic uncertainty drive risk connectedness in the oil–stock nexus during the COVID-19 outbreak? A partial wavelet coherence analysis

Fig. 5

Bivariate wavelet coherence (WTC). The figure plots the bivariate wavelet coherence (WTC) between the oil and equity volatilities. The hotter colors such as yellow and red correspond to higher coherence, and colder colors such as green and blue correspond to lower coherence. A contours black line represents statistically significant areas at 5% level, where the significance values are generated through Monte Carlo simulations

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