Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach

This study attempts to empirically estimate the interdependence between COVID-19, tourism market, oil prices, and sustainable climate in United States. In doing so, we employ an advanced Morlet’s wavelet approach, namely, Wavelet coherence transform (WCT), Partial Multiple Coherence found a strong co-movement variables, which is varied across time scales, indicating initial, peak, after peak effect of COVID-19 on carbon emissions using daily data from 6 March 2020 August 2020. The visuals WCT exhibit cyclic (anti-cyclic) relationship suggesting positive (negative) shorter longer (medium) period. Tourism possess all periods except medium run; however, intensity this movement higher very short-run compared longer-run. results reveal anti-cyclic association tourism, leading with negative co-movements. Finally, describe that are anti-cyclical display causality run. These offer valuable guidelines for stakeholders.