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News media, common information, and sectoral comovement : conference paper

Buchen, Teresa - 2014

media coverage of economic news in Germany, we find that a higher volume of economy-wide news indeed signifi cantly … of sectoral output comovement. Although firms tend to be more susceptible to bad news, the tone of media coverage only …

Persistent link: https://www.econbiz.de/10010484401

News and Sectoral Comovement

Lamla, Michael; Lein, Sarah; Sturm, Jan-Egbert - 2008

on aggregate information to make output decisions. We find empirical support for this hypothesis: news on aggregate … developments, on average, affect firms production plans significantly more than news on sector-specific developments. This result …

Persistent link: https://www.econbiz.de/10014221825

News and sectoral comovement

Lamla, Michael (contributor); Lein, Sarah (contributor); … - 2007

on aggregate information to make output decisions. We find empirical support for this hypothesis: news on aggregate … developments, on average, affect firm's production plans significantly more than news on sector-specific developments. This result … ; news ; expectation driven business cycles ; information complementarities ; sectoral comovement …

Persistent link: https://www.econbiz.de/10003763587

The news media and the expectation formation of firms : conference paper

Buchen, Teresa - 2013 - Preliminary version

information that provides a coding service is the mass media. This paper investigates empirically whether the news media have an … macroeconomic news rises. Second, the news media act as an amplifi er of actual economic developments. Third, business expectations … react stronger to negative than to positive news. …

Persistent link: https://www.econbiz.de/10010338394

Is Inventory's Fiscal Year End Effect Caused by Sales Timing? A Test Using a Natural Experiment from Germany

Lai, Richard K. - 2008

One explanation for firms' inventory cycles is that they are tied to the calendar year, reflecting fundamental demand seasonality. But we find that these cycles are also tied to the fiscal year, an accounting artifact constructed by firms themselves. Specifically, inventory is lower at fiscal...

Persistent link: https://www.econbiz.de/10014223952

Firm expectations and economic activity

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J. - 2019

We assess how survey expectations impact production and pricing decisions on the basis of a large panel of German firms. We identify the causal effect of expectations by matching firms with the same fundamentals but different views about the future. The probability to raise (lower) production is...

Persistent link: https://www.econbiz.de/10012001909

Firm expectations and economic activity

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J. - 2021

We assess how firm expectations about future production impact current production and pricing decisions. Our analysis is based on a large survey of firms in the German manufacturing sector. To identify the causal effect of expectations, we rely on the timing of survey responses and match firms...

Persistent link: https://www.econbiz.de/10012705462

The German manufacturing sector is a granular economy

Wagner, Joachim - 2011

Using the approach suggested by Gabaix (Econometrica 2011) this paper demonstrates that idiosyncratic shocks in the largest firms are important for an understanding of aggregate volatility in German manufacturing industries. The implications of this finding for theoretical and empirical research...

Persistent link: https://www.econbiz.de/10010282465

Determinants of Business Cycles in Small Scale Macroeconomic Models : The German Case

Maußner, Alfred; Spatz, Julius - 2003

We identify measures of shocks to total factor productivity and preferences from two real business cycle models and subject them to Granger causality tests to see whether they can be considered exogenous to other plausible sources of the German business cycle. For the period 60.i to 89.iv no...

Persistent link: https://www.econbiz.de/10014076251

New Evidence on News-Driven Business Cycles

Haertel, Thomas - 2011

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...

Persistent link: https://www.econbiz.de/10013132437