The Covid-19 crisis has been spread rapidly throughout the world so far. However, how deep and long the turbulence would depend on the success of solutions taken to deter the spread of Covid-19, the impacts of government policies may be prominent to alleviate the current crisis. In this article, we investigate the spillover effects and time-frequency connectedness between S&P 500, crude oil prices, and gold asset using both the spillover index of Diebold and Yilmaz (2012) and the wavelet coherence to evaluate whether the time-varying dynamic return spillover index exhibited the intensity and direction of transmission during the Covid-19 outbreak. Overall, the present results shed light on that in comparison with the pre-Covid-19 period, and the return transmissions are more apparent during the Covid-19 crisis. More importantly, there exist significant dependent patterns about the information spillovers among the crude oil, S&P 500, and gold markets might provide significant implications for portfolio managers, investors, and government agencies.

迄今为止，Covid-19 危机已在全球迅速蔓延。然而，动荡的深度和持续时间将取决于为阻止 Covid-19 传播而采取的解决方案是否成功，政府政策的影响可能会显着缓解当前的危机。在本文中，我们使用 Diebold 和 Yilmaz（2012 年）的溢出指数和小波相干性来研究标准普尔 500 指数、原油价格和黄金资产之间的溢出效应和时频关联性，以评估时变动态回报是否溢出指数显示了 Covid-19 爆发期间的传播强度和方向。总体而言，与 Covid-19 之前的时期相比，目前的结果揭示了这一点，并且在 Covid-19 危机期间，回归传播更为明显。更重要的是，