New Evidence on News-Driven Business Cycles

Thomas Haertel and Bernd Lucke ()

No 2007-27, Economics Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

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.

Keywords: news; business cycles; TFP; structural VAR (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-bec and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:5732

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