Figure 3
The multi-panel stacked area chart consists of six panels arranged in three rows and two columns labeled “S E T”, “N A S D A Q”, “S S E C”, “V I X”, “T O P I X”, and “W T I”. In all panels, the horizontal axis shows time from left to right labeled “2022-07”, “2023-01”, “2023-07”, “2024-01”, and “2024-07”. The vertical axis ranges from negative 40 to 40 in increments of 20 units. Each panel includes a legend in the upper left with three categories: “Total”, “1 to 5”, and “5 to inf”. The stacked areas are layered with “5 to inf” at the bottom, “1 to 5” in the middle, and “Total” forming the top boundary. In the “S E T” panel, the “5 to inf” layer starts near negative 2 at “2022-07”, declines to around negative 5 by “2023-01”, then gradually rises toward approximately negative 2 by “2024-01”, dips again near negative 8 around “2024-07”, and ends near negative 3. The “1 to 5” layer begins near negative 3 at “2022-07”, fluctuates around negative 5 to negative 2 through “2023-07”, then rises slightly above zero near “2024-01”, and ends around 2. The “Total” boundary starts near negative 5, dips to around negative 10 by “2023-01”, then improves toward zero by “2024-01”, and ends slightly positive near 2. In the “N A S D A Q” panel, the “5 to inf” layer starts near 5 at “2022-07”, rises to around 8 by “2023-01”, fluctuates between 6 and 10 through “2023-07”, then declines to around 3 by “2024-07”, and ends near 2. The “1 to 5” layer begins near 20 at “2022-07”, increases to around 25 to 30 by “2023-01”, then declines steadily to about 5 by “2024-07”. The “Total” boundary starts near 30 at “2022-07”, peaks near 35 to 40 around early 2023, then declines steadily to below 10 by “2024-07”, ending near 5. In the “S S E C” panel, the “5 to inf” layer remains approximately at 0 across the entire period. The “1 to 5” layer starts near negative 5 at “2022-07”, drops to around negative 10 by “2023-01”, fluctuates between negative 10 and negative 5 through “2023-07”, improves slightly toward negative 2 near “2024-01”, then dips again near negative 8 by “2024-07”. The “Total” boundary follows a similar pattern, starting near negative 5, declining to around negative 10, improving toward near zero by “2024-01”, and ending slightly negative. In the “V I X” panel, the “5 to inf” layer remains close to 0 throughout. The “1 to 5” layer starts near 0 at “2022-07”, rises to around 5 by “2023-01”, declines toward 0 by “2023-07”, then fluctuates slightly around negative 2 to 2 through “2024-07”. The “Total” boundary starts near 0, rises to around 5 to 8 by “2023-01”, then declines toward 0 and remains near zero through 2024. In the “T O P I X” panel, the “5 to inf” layer starts near negative 5 at “2022-07”, remains near negative 5 through “2023-01”, then gradually rises toward approximately negative 2 by “2024-01”, and remains near that level. The “1 to 5” layer begins near negative 20 at “2022-07”, declines to around negative 30 to negative 35 by “2023-01”, then gradually improves to around negative 10 by “2024-01”, followed by a brief spike above zero near “2024-07”, and ends near negative 5. The “Total” boundary starts near negative 25, drops to around negative 35, then steadily rises toward zero, briefly reaching positive values near “2024-07”, and ends slightly negative. In the “W T I” panel, the “5 to inf” layer remains near 0 throughout. The “1 to 5” layer starts near 8 at “2022-07”, declines gradually to around 5 by “2023-01”, then to near 0 by “2023-07”, and fluctuates slightly around 0 through “2024-07”. The “Total” boundary follows this pattern, starting near 8, declining toward 0 by “2023-07”, and remaining close to zero through 2024. Note: All numerical data values are approximated.Net total directional connectedness: The cost-of-living crisis period