Share prices and real estate prices after the coronavirus crisis: Will the liquidity effect or the risk and income effect prevail?

After the coronavirus crisis, two opposing forces will be exerted on share prices and real estate prices: The liquidity created by central banks will be extremely abundant and risk-free interest rates will remain very low: this should drive investors into equities and real estate; But risk and debt aversion will probably remain high, and the loss of income caused by the crisis will be long-lasting, which on the contrary is likely to weaken demand for equities and real estate. Which of the two forces will prevail? It was the liquidity effect that prevailed after the subprime crisis.