New Evidence on News-Driven Business Cycles
AbstractWe 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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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2007-27.
Date of creation: 2007
Date of revision:
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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-08-14 (All new papers)
- NEP-BEC-2007-08-14 (Business Economics)
- NEP-MAC-2007-08-14 (Macroeconomics)
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"Modeling News-Driven International Business Cycles,"
Review of Economic Dynamics,
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- Beaudry, Paul & Dupaigne, Martial & Portier, Franck, 2009. "Modeling News-Driven International Business Cycles," TSE Working Papers 09-117, Toulouse School of Economics (TSE).
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