Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Julio Garin

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The goal of this paper is to perform a comparative analysis between the United States Federal Reserve’s response to the 2008 Global Financial Crisis and the COVID-19 recession, and determine how each response affected the United States stock market. I have found that during the 2008 Global Financial Crisis, money supply increases did not have a substantial impact on the US stock market, while factors such as market volatility and unemployment rate had highly significant negative effects on stock returns. During the COVID-19 recession, money supply changes did have an impact on stock returns, and had a positive relationship with the price of the S&P 500 index. Furthermore, factors such as market volatility and unemployment rate were negatively correlated with S&P 500 prices. The results of this study carry important implications for both policymakers and investors on how to better handle future recessionary events, and potentially profit from them.