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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
KOF Working Papers No. 183
Verlag: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Zusammenfassung: 
This paper tests the existence of strategic information complementarities as a source of sectoral comovement. A theoretical model derived in Veldkamp and Wolfers (2007) explains sectoral comovement by the assumption that firms rely too much 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 is based on a rich dataset on firm survey and media releases for Germany comprising 01/1999-07/2006.
Schlagwörter: 
Media reporting
news
expectation driven business cycles
information complementarities
sectoral comovement
JEL: 
E32
D82
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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