New Evidence on News-Driven Business Cycles

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Economics Discussion Papers ; No. 2007-27

Classification and Topics

• Classification: Wirtschaft ; Business Fluctuations; Cycles
• Subject: news ; business cycles ; TFP ; structural VAR

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Haertel, Thomas ; Lucke, Bernd
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2007

Further information

• Handle: http://hdl.handle.net/10419/17950
• Last update: 10.03.2025, 11:42 AM CET