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New Evidence on News-Driven Business Cycles

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Author Info
Haertel, Thomas
Lucke, Bernd

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Abstract

We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and newsdriven business cycles. For German data on TFP and stock prices we find qualitatively similar empirical evidence. Quantitatively, however, an impulse response analysis suggests that a substantial part of the total TFP response is immediate rather than delayed. We relate this to disembodied technological change and noisy data on TFP. Nevertheless, we confirm the technology interpretation of structural shocks by showing that they are Granger-causal for data on patents granted by the German patent agency.

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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2007-27.

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Date of creation: 2007
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Handle: RePEc:zbw:ifwedp:5732

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Related research
Keywords: news business cycles TFP structural VAR

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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  1. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 39-69, February. [Downloadable!] (restricted)
  2. repec:cup:etheor:v:10:y:1994:i:1:p:95-115 is not listed on IDEAS
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