|
EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/18023
|
| | |
| Title: | | Do News Shocks Drive Business Cycles? Evidence from German Data  |
| Authors: | | Lucke, Bernd Haertel, Thomas |
| Issue Date: | | 2008 |
| Citation: | | [Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 2 [Issue:] 2008-10 [Pages:] 1-21 [DOI/URN:] doi:10.5018/economics-ejournal.ja.2008-10 |
| Series/Report no.: | | economics - The Open-Access, Open-Assessment E-Journal 2008-10 |
| Abstract: | | We study the Beaudry and Portier (2006)-hypothesis of delayed-technology diffusion and news-driven 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. We also show that these shocks generate comovement of macro variables at business cycle horizons and account for a sizable share of the forecast error variance of these variables in the medium and long run. |
| Subjects: | | News business cycles TFP structural VAR |
| JEL: | | E32 |
| Persistent Identifier of the first edition: | | doi:10.5018/economics-ejournal.ja.2008-10 |
| URL of the first edition: | | http://www.economics-ejournal.org/economics/journalarticles/2008-10 |
| Creative Commons License: | |  |
| Document Type: | | Article |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/18023
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|