The spread of COVID-19 worldwide has shown how quick global economy can become affected when ones’ health and future are at risk. This paper examines the evidence of Granger causality among the housing price, the unemployment rate, crude oil price, and world pandemic uncertainty in France, Germany, the UK, and the USA over the period 1996Q1–2019Q2. In this case, the linear and asymmetric Granger causality approaches of Toda-Yamamoto and Hatemi-J are respectively applied to provide useful insight. Although only significant evidence of linear Granger causality is found among the unemployment rate and the house prices in all the four economies, the investigations revealed asymmetric evidence involving the world pandemic uncertainty. Specifically, there is a significant uni-directional asymmetric Granger causality from the world pandemic uncertainty to the house price in France, Germany, and the USA but not in the UK. The variation in the results among the examined countries is explained by potential differences in economic structures or business cycle and other social and economic factors. Thus, relevant policy guidance is implied from the results especially for the policymakers in the examined countries.

COVID-19 在全球的传播表明，当人们的健康和未来处于危险之中时，全球经济会受到多快的影响。本文研究了 1996 年第一季度至 2019 年第二季度法国、德国、英国和美国的房价、失业率、原油价格和世界大流行不确定性之间存在格兰杰因果关系的证据。在这种情况下，分别应用 Toda-Yamamoto 和 Hatemi-J 的线性和不对称 Granger 因果关系方法来提供有用的见解。尽管在所有四个经济体的失业率和房价中仅发现了线性格兰杰因果关系的重要证据，但调查揭示了涉及世界大流行不确定性的不对称证据。具体来说，世界大流行的不确定性与法国、德国和美国的房价存在显着的单向不对称格兰杰因果关系，但在英国则没有。被调查国家之间结果的差异可以通过经济结构或商业周期以及其他社会和经济因素的潜在差异来解释。因此，研究结果暗示了相关的政策指导，尤其是对被调查国家的政策制定者而言。