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News and Sectoral Comovement
Lamla, Michael J.; Lein, Sarah M.; Sturm, Jan-Egbert - KOF Swiss Economic Institute, Department of Management, … - 2007
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/10005731507
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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
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News and sectoral comovement
Lamla, Michael (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
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Media reporting and business cycles : empirical evidence based on news data
Lamla, Michael; Lein-Rupprecht, Sarah M.; Sturm, Jan-Egbert - 2019
Recent literature suggests that news shocks could be an important driver of economic cycles. In this article, we use a … direct measure of news sentiment derived from media reports. This allows us to examine whether innovations in the reporting … manufacturing sector. We find that innovations in news reporting affect business expectations, even when conditioning on the current …
Persistent link: https://www.econbiz.de/10012007420
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Do News Shocks Drive Business Cycles? Evidence from German Data
Lucke, Bernd; Haertel, Thomas - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-10, pp. 1-21
We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and news-driven business cycles. For …
Persistent link: https://www.econbiz.de/10010295308
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Larger Crises, Slower Recoveries : The Asymmetric Effects of Financial Frictions
Research Department, Federal Reserve Bank of Minneapolis - 2009
It is well known that movements in lending rates are asymmetric; they rise quickly and sharply, but fall slowly and gradually. Not known is the fact that the asymmetry is stronger the less developed a country's financial system is. This new fact is here documented and explained in a model with an...
Persistent link: https://www.econbiz.de/10013157630
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Media reporting and business cycles: Empirical evidence based on news data
Lamla, Michael; Lein-Rupprecht, Sarah M.; Sturm, Jan-Egbert - 2019
Recent literature suggests that news shocks could be an important driver of economic cycles. In this article, we use a … direct measure of news sentiment derived from media reports. This allows us to examine whether innovations in the reporting … manufacturing sector. We find that innovations in news reporting affect business expectations, even when conditioning on the current …
Persistent link: https://www.econbiz.de/10012140906
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Adverse selection, risk sharing and business cycles
Veracierto, Marcelo - 2014
I consider a real business cycle model in which agents have private information about an idiosyncratic shock to their value of leisure. I consider the mechanism design problem for this economy and describe a computational method to solve it. This is an important contribution of the paper since...
Persistent link: https://www.econbiz.de/10010424280
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Lemon Cycles
Dong, Feng; Liu, Ernest - 2023
We build a model of endogenous credit cycles arising from the dynamics of adverse selection. Heterogeneous entrepreneurs trade productive assets in an anonymous market subject to financial frictions. Cream-skimming rent-seekers create lemon assets that can be traded. Lemon assets are...
Persistent link: https://www.econbiz.de/10014349733
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Illiquid Lemon Markets and the Macroeconomy
Bierdel, Aimé; Drenik, Andres; Herreño, Juan; … - National Bureau of Economic Research - 2023
We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than buyers. Asymmetric information distorts the...
Persistent link: https://www.econbiz.de/10014372468