Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/298432 
Year of Publication: 
2022
Series/Report no.: 
Working Paper No. 8/2022
Publisher: 
Norges Bank, Oslo
Abstract: 
We study the dynamic link between economic news coverage and the macroeconomy. We construct two measures of media coverage of bad and good unemployment figures based on three major US newspapers. Using nonlinear time series techniques, we document three facts: (i) there is no significant negativity bias in economic news coverage. Newspapers' asymmetric responsiveness to positive and negative unemployment shocks is entirely explained by their asymmetric effects on unemployment; (ii) consumption reacts to bad news, but not to good news; (iii) bad news is more informative to the agents and modifies their expectations more than good news.
Subjects: 
News Coverage
Agents' Information
Business Cycles
Asymmetry
Threshold-SVAR
JEL: 
C32
E32
Persistent Identifier of the first edition: 
ISBN: 
978-82-8379-212-6
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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