Discussion Paper
No. 2007-27 | July 09, 2007
Thomas Haertel and Bernd Lucke
New Evidence on News-Driven Business Cycles

Abstract

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.

JEL Classification:

E32

Links

Cite As

[Please cite the corresponding journal article] Thomas Haertel and Bernd Lucke (2007). New Evidence on News-Driven Business Cycles. Economics Discussion Papers, No 2007-27, Kiel Institute for the World Economy. http://www.economics-ejournal.org/economics/discussionpapers/2007-27


Comments and Questions



Anonymous - Referee Report
August 27, 2007 - 11:00
see attached file

Anonymous - Referee Report
August 27, 2007 - 11:01
see attached file

Thomas Haertel, Bernd Lucke - Revised Version
February 18, 2008 - 11:59
see attached file

Anonymous - Referee Report
February 18, 2008 - 12:03
see attached file

Anonymous - Referee Report
February 18, 2008 - 12:04
see attached file