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State-Dependent Media Focus: Measurement and Economic Implications

Author

Listed:
  • Stefan Pitschner

    (Universitat Pompeu Fabra)

  • Kristoffer Nimark

    (Cornell University)

Abstract

News media provide information about economic conditions to a large part of society and serve as a source of public signals that coordinate beliefs and decisions. We document how the focus of news media shifts over the business cycle and discuss the implications for the ability of economic agents to coordinate their actions.

Suggested Citation

  • Stefan Pitschner & Kristoffer Nimark, 2015. "State-Dependent Media Focus: Measurement and Economic Implications," 2015 Meeting Papers 1030, Society for Economic Dynamics.
  • Handle: RePEc:red:sed015:1030
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    File URL: https://economicdynamics.org/meetpapers/2015/paper_1030.pdf
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    References listed on IDEAS

    as
    1. Stephen Morris & Hyun Song Shin, "undated". "Approximate Common Knowledge and Co-ordination: Recent Lessons from Game Theory," CARESS Working Papres 97-8, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    2. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
    3. Nir Jaimovich & Sergio Rebelo, 2009. "Can News about the Future Drive the Business Cycle?," American Economic Review, American Economic Association, vol. 99(4), pages 1097-1118, September.
    4. Kajii, Atsushi & Morris, Stephen, 1997. "Commonp-Belief: The General Case," Games and Economic Behavior, Elsevier, vol. 18(1), pages 73-82, January.
    5. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
    6. Guido Lorenzoni, 2009. "A Theory of Demand Shocks," American Economic Review, American Economic Association, vol. 99(5), pages 2050-2084, December.
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