Fig. 8

Change in spillover for pre and post COVID19 sub-sample. a Conditional mean, b \(\tau\) = 0.05. c \(\tau\) = 0.95, Note: These graphs of US sector networks show the difference in connectedness in a system that consists of the US sectors for the pre- and during COVID19 sub-sample periods (each sub-sample contains 204 days). The connectedness is measured through the spillover approach proposed by Diebold-Yilmaz (2012). The thickness of an edge is proportional to its weight while colour implies increase (green) and decrease (red) in spillover during the COVID-19 pandemic