We introduce information frictions into a tractable quantitative multi-country multi-sector model with global value …' information sets with new quarterly data containing the frequencies of country-industry-specific economic news reports by 11 … information frictions are amplified by the global production network. These information frictions appear as correlated labor …

We study learning via shared news. Each period agents receive the same quantity and quality of first-hand information … hold misperceptions (even minor) about friends' sharing and (ii) information quality is sufficiently low. Polarization can … worsen when agents' social connections expand. When the quantity of first-hand information becomes large, agents can hold …

information themselves or must instead learn what their spouse discovered via a discussion. Women treat their 'own' and their … husband's information the same. In sharp contrast, men's beliefs respond less than half as much to information that was … heavily discount their teammate's information relative to their own. We conclude that people have a tendency to underweight …