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The influence of negative newspaper coverage on consumer confidence: The Dutch case

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  • Hollanders, David
  • Vliegenthart, Rens
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    Abstract

    This paper studies the empirical relationship between the real economy, consumer confidence and economic news coverage in national newspapers for the Netherlands during the period 1990-2009. Media-attention for economic developments is associated with consumer confidence, with more negative news decreasing consumer confidence; this result holds after controlling for the real economy (stock-market). The relationship differs for different business-cycles. The effect is in particular stronger for the months following the beginning of the credit-crisis. This suggests that in line with many popular concerns negative news is among factors influencing the hardness of the landing of the current credit-crisis.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 32 (2011)
    Issue (Month): 3 (June)
    Pages: 367-373

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    Handle: RePEc:eee:joepsy:v:32:y:2011:i:3:p:367-373

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Consumer confidence Media VAR-analysis;

    References

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    1. Acemoglu, Daron & Scott, Andrew, 1994. "Consumer Confidence and Rational Expectations: Are Agents' Beliefs Consistent with the Theory?," Economic Journal, Royal Economic Society, vol. 104(422), pages 1-19, January.
    2. Karel-Jan Alsem & Steven Brakman & Lex Hoogduin & Gerard Kuper, 2004. "The Impact of Newspapers on Consumer Confidence: Does Spin Bias Exist?," DNB Working Papers 011, Netherlands Central Bank, Research Department.
    3. Vuchelen, Jef, 2004. "Consumer sentiment and macroeconomic forecasts," Journal of Economic Psychology, Elsevier, vol. 25(4), pages 493-506, August.
    4. Mark Doms, 2004. "Consumer sentiment and the media," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct22.
    5. W. Jos Jansen & Niek J. Nahuis, 2002. "The Stock Market and Consumer Confidence: European Evidence," MEB Series (discontinued) 2002-11, Netherlands Central Bank, Monetary and Economic Policy Department.
    6. van Raaij, W. Fred, 1989. "Economic news, expectations and macro-economic behaviour," Journal of Economic Psychology, Elsevier, vol. 10(4), pages 473-493.
    7. Maria W. Otoo, 1999. "Consumer sentiment and the stock market," Finance and Economics Discussion Series 1999-60, Board of Governors of the Federal Reserve System (U.S.).
    8. Sydney C. Ludvigson, 2004. "Consumer Confidence and Consumer Spending," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 29-50, Spring.
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    Cited by:
    1. Garz, Marcel, 2013. "Unemployment expectations, excessive pessimism, and news coverage," Journal of Economic Psychology, Elsevier, vol. 34(C), pages 156-168.

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