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How Big is the Media Multiplier? Evidence from Dyadic News Data

Author

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  • Besley, Tim
  • Fetzer, Thiemo
  • Mueller, Hannes

Abstract

This paper estimates the size of the media multiplier, a model-based measure of how far media coverage magnifies the economic response to shocks. We combine monthly aggregated and anonymized credit card activity data from 114 card issuing countries in 5 destination countries with a large corpus of news coverage in issuing countries reporting on violent events in the destinations. To define and quantify the media multiplier we estimate a model in which latent beliefs, shaped by either events or news coverage, drive card activity. According to the model, media coverage can more than triple the economic impact of an event. We show that within our sample, media reporting more than doubled the effect of events in Tunisia and speculate about the role of the media in driving international travel patterns. This concept can easily be expanded to other contexts and settings.

Suggested Citation

  • Besley, Tim & Fetzer, Thiemo & Mueller, Hannes, 2023. "How Big is the Media Multiplier? Evidence from Dyadic News Data," CEPR Discussion Papers 18349, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18349
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    Cited by:

    1. is not listed on IDEAS
    2. Thiemo Fetzer & Prashant Garg, 2025. "Social and Genetic Ties Drive Skewed Cross-Border Media Coverage of Disasters," Papers 2501.07615, arXiv.org.
    3. Rafael Araujo & Francisco Costa & Teevrat Garg, 2022. "Public Attention and Environmental Action: Evidence from Fires in the Amazon," CESifo Working Paper Series 9897, CESifo.
    4. Brox, Enzo & Krieger, Tommy, 2025. "Far-right mass protests and their effects on internal migration," ZEW Discussion Papers 25-045, ZEW - Leibniz Centre for European Economic Research.
    5. repec:osf:socarx:xj3f6_v1 is not listed on IDEAS

    More about this item

    Keywords

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    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • F1 - International Economics - - Trade
    • L8 - Industrial Organization - - Industry Studies: Services

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