And action: TV sentiment and the US consumer
With a novel data set, we test whether sentiment in TV news can be used as a proxy for consumer sentiment in order to explain changes in private consumption growth in the United States. The University of Michigan Index of Consumer Sentiment (ICS) is taken to compare its explanatory power with TV sentiment in classical consumer behaviour models. We find that TV sentiment can be used at least as good a proxy for consumer sentiment as the ICS, while TV sentiment can best explain private consumption behaviour with personal income and savings.
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Volume (Year): 19 (2012)
Issue (Month): 11 (July)
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