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Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 5/2019
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We investigate the role played by the media in the expectations formation process of households. Using a novel news-topic-based approach we show that news types the media choose to report on, e.g., fiscal policy, health, and politics, are good predictors of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple media channel, we document that the underlying time series properties of relevant news topics explain the time-varying information rigidity among households. As such, we not only provide a novel estimate showing the degree to which information rigidities among households varies across time, but also provide, using a large news corpus and machine learning algorithms, robust and new evidence highlighting the role of the media for understanding inflation expectations and information rigidities.
JEL: 
C11
C53
D83
D84
E13
E31
E37
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-083-2
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper
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